By Adria Calatayud

OLX Brazil, a 50/50 joint venture between Adevinta ASA and Prosus NV, has agreed to buy Brazilian online real-estate classifieds company Grupo ZAP for 2.9 billion Brazilian real ($646.1 million) in cash, the companies said late Tuesday.

The deal will strengthen OLX Brazil's position in the Brazilian property-classifieds market and will be equally financed by the company's two existing shareholders, the companies said.

Group ZAP had an average of 28 million visits a month last year. After the acquisition, OLX Brazil will be able to offer its users more than 12 million listings from more than 40,000 real estate agencies and thousands of private listers, the companies said.

The deal is subject to approval by Brazil's Antitrust Agency and other customary closing conditions. Completion is expected in the second half of 2020, the companies said.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

March 04, 2020 04:27 ET (09:27 GMT)

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