In what appears to be an aggressive takeover move, popular classified ads platform, OLX.com.ng recently bought over its competition TradeStable.com.ng, and then shut it down. Visitors to the TradeStable website are greeted with a modal box announcing the takeover.
However, according to sources, operators of the two companies have been in talks for a while now. So the new development is not as sudden as it might appear.
Back in 2014, in a bid to reduce competition, Naspers and Schibsted, financiers of OLX Global and TradeStable respectively, announced a partnership with Telenor and Singapore Press Holdings to establish joint ventures of their classified ads platforms in Brazil, Indonesia, Bangladesh and Thailand. There was however no mention of Nigeria or any African country, which is why the TradeStable Nigeria takeover is a little of a shock.
What this probably means is that, in the following weeks and months, we can expect to see more mergers in countries where the two companies operate.
Jan. 18: Bonus Built in Africa episode: Town Hall meeting with Peter Salovey, President of Yale University
On March 25, 2021, Techpoint Africa will be hosting the brightest minds in decentralised finance/crypto at the Digital Currency Summit tagged “Building the money of the future” Click here for more details, registration and sponsorship. Location: Fourpoint by Sheraton, V.I. Lagos.
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