It was like a speculation that later turns out real. The Popular Naspers’ backed general classifieds listings site OLX Nigeria, www.oxl.com.ng has finally bought its closest competitor, Schidsted’s classifieds platform, Tradestable Nigeria (TradeStable.com.ng ) and then shut it down.
TradeStable Nigeria was once a well known free Classified Ads site in Nigeria. A visit to tradestable website now announces the takeover by OXL and visitors are currently redirected to OXL Nigeria website.
From all indication, the two companies have been on negotiation since a while. So, the acquisition of the site may not be seen as impromptu as it might appear.
In 2014, Naspers and Schibsted, financiers of OLX Global and TradeStable respectively, announced a partnership with Telenor and Singapore Press Holdings to establish joint venture of their classified ads platforms in Brazil, Indonesia, Bangladesh and Thailand in a bid to reduce competition. Nigeria or any other African country’s classified Ads platform was never mention among the classified Ads platform to be merge. This is why the TradeStable.com.ng (TradeStable Nigeria) takeover is bit shocking to users.
According OLX Nigeria Country Manager, Lola Masha ‘‘At OLX Nigeria, we are committed to developing a high quality, online market place for consumers wanting to buy and sell across multiple categories including vehicles, mobile phones and electronics. OLX is excited about the opportunity to provide an improved classified platform with a broader product selection for buyers and sellers. We have a long-term commitment to our Nigerian users and we warmly welcome TRADESTABLE users to OLX.’’
Hmm! Let’s see more merging and acquisitions of companies and businesses in country this year however I am sure businesses are not turning monopolistic.
What is your stake on this? Let’s hear from you. Say your mind. Do you think that the acquisition of TradeStable by OXL is beneficial to users as well as to the company? Use the comment box below to air your opinion.