CarTrade Tech, an online auto classified platform, has inked a pact to acquire Sobek Auto India, which is engaged in the business of running an automotive digital platform and a classified internet business, from OLX India for a consideration of Rs 537 crore.
As reported on NewsDrum, the company has entered into a share purchase agreement to acquire 100% stake in Sobek from OLX India BV subject to the completion of certain conditions.
In its regulatory filing, CarTrade Tech also stated that the acquisition of Sobek will be for a consideration of Rs 537.43 crore to be paid on the completion date of the acquisition which is in furtherance of the strategic objectives of the company to undertake investments which provide synergistic benefits to the existing businesses of CarTrade Tech.
Earlier, on June 30, 2023, Sobek had acquired the classifieds internet business from OLX India on the terms and conditions agreed under a business transfer agreement.
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