Emerging Markets Property Group, the Dubai-based parent company of property portal Bayut, acquired Lamudi Global's operations in the Philippines, Indonesia and Mexico for an undisclosed sum.
The purchase is expected to help EMPG expand significantly within the South East Asia and Latin America.
“The combined total of real estate transactions in these countries is estimated to be $55.1 billion (Dh202.3bn) per year, with a potential commission pool of over $2.3bn that EMPG’s real estate partners can benefit from. These are also densely-populated geographies with a combined population that is just shy of half a billion people,” EMPG said.
The latest deal comes almost a year after EMPG’s acquisition of Lamudi’s Middle East and Pakistan businesses, which have already been integrated into its existing portals.
“Our aim is to build a strong presence in the region with these acquisitions," EMPG chief executive Imran Ali Khan said. "South-east Asia is a bustling, happening market with tremendous potential, and we look forward to providing the best experience to both professionals and consumers."
In February, EMPG acquired Thailand’s portal Kaidee to strengthen its presence in South East Asia.
“EMPG has built highly successful businesses in all of its geographies, and the group’s strategic depth and advanced tech are two major assets Lamudi looks forward to as we begin this next phase of our journey,” said Kian Moini, chief executive of Lamudi.
Last month, EMPG secured $150m in new investment in a deal that valued the company at $1bn.
The investment round was led by Netherlands-based OLX Group, which combined its Middle East, North Africa and South Asia businesses with EMPG.
EMPG owns and operates online marketplaces in key emerging markets across the world including Bayut, which operates in the countries of UAE, Saudi Arabia and Jordan, Zameen in Pakistan, Bproperty.com in Bangladesh, Mubawab in Morocco and Tunisia and Kaidee in Thailand.
Its portfolio also includes Dubizzle in the UAE and the OLX classifieds sites in Pakistan, Egypt, Lebanon, Bahrain, Oman, Kuwait and Qatar.
