Ekhanei.com, OLX go for merger 9 October 2016

Source- Star Business Report

Popular online classifieds marketplaces Ekhanei.com and OLX.com.bd have merged with a view to grabbing a bigger share of the growing e-commerce market. The new company would continue to operate under the Ekhanei.com name. OLX users will not have to repost their ads -- they will be migrated to ekhanei.com.

The ease of inserting an ad for free will be maintained.

The venture will be 50.3 percent owned by SnT Classified (an equal shareholding joint venture between Schibsted and Telenor), the parent company of ekhanei.com, and 49.7 percent owned by Naspers, the parent company of OLX.com.bd. The transaction is part of a larger partnership agreement to join forces in selected emerging markets, said a statement.

"By teaming up together, we can accelerate the great momentum we have built to date" Amarjit Singh Batra, chief executive officer of OLX South Asia, said.

SNT Bangladesh Managing Director Arild Klokkerhaug said: "We are delighted to be joining forces with OLX in Bangladesh, and are excited to bring all of our buyers and sellers into a single destination where local Bangladeshis can connect and buy and sell more easily and more quickly than ever."