CarTrade Tech to acquire OLX Auto's India business for Rs 537 crore

Online auto classified platform CarTrade Tech on Monday said it has inked a pact to acquire Sobek Auto India for a consideration of Rs 537 crore. Sobek is engaged in the business of running an automotive digital platform and a classifieds internet business.

The company has entered into a share purchase agreement to acquire 100 per cent stake of Sobek from OLX India BV subject to completion of certain conditions, CarTrade Tech said in a regulatory filing.

The acquisition of Sobek will be for a consideration of Rs 537.43 crore to be paid on the completion date of the acquisition, it added.

The acquisition is in furtherance of the strategic objectives of the company to undertake investments which provide synergistic benefits to the existing businesses of the CarTrade Tech, it said.

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.