Frontier Digital Ventures Limited (ASX:FDV) agreed to acquire remaining 73.7% stake in Encuentra24.com AG from Olx Global B.V. and founders of Encuentra24.com AG on December 17, 2021. Under the sale agreement with OLX Group, consideration for their 37.5% interest in E24 will comprise of upfront cash consideration of AUD 13.1 million. Under the sale agreement with the founders of E24, consideration for their 36.2% interest in E24 will comprise of a performance-based earn-out based on revenue, EBITDA and cashflow targets for FY22. FDV intends to use the proceeds of institutional placement of AUD 35 million for the upfront cash consideration for OLX Group's 37.5% interest in E24. FDV intends to use the proceeds of the Placement for the following purposes approximately AUD 13.1 million for the upfront cash consideration relating to the Acquisition and approximately AUD 21.9 million for further balance sheet flexibility to fund FDV's M&A pipeline and deferred/contingent consideration. The founders of E24 will remain in their current positions and are expected to continue to manage the operations of the businesses through to the end of FY22. Timothy Toner of Vesparum Capital acted as financial advisor and Herbert Smith Freehills acted as legal advisor to Frontier Digital Ventures. Christoph Neeracher and Luca Jagmetti of Bär & Karrer Ltd. acted as legal advisors to Olx Group.

Frontier Digital Ventures Limited (ASX:FDV) completed the acquisition remaining 73.7% stake in Encuentra24.com AG from Olx Global B.V. and founders of Encuentra24.com AG. on December 21, 2021.