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letgo's Combination with OfferUp

On March 25, 2020, letgo, which is majority‑owned by OLX Group, and OfferUp announced an agreement to combine their U.S. businesses. OLX Group is the online classifieds business of Prosus, a global consumer internet group majority‑owned by Naspers. The combination will create a mobile marketplace supporting more than 20 million monthly active users in the U.S., and OLX Group will own 40% of the combined entity. The agreement includes a new $120 million investment round in the combined entity led by OLX Group along with existing OfferUp investors to support continued growth, product innovation and monetization efforts. Cravath is representing OLX Group and letgo in connection with the transaction.

The Cravath team is led by partner David Mercado and includes senior attorney Mark Mushkin, associates Said Bakir and Tyler J. Cook and foreign associate attorney Eduarda N. Tavares on M&A matters; partner Lauren Angelilli and associates Andrew T. Davis and Cecily Xi on tax matters; partner Jennifer S. Conway, practice area attorney Sarah W. Colangelo and associate Brian Diliberto on executive compensation and benefits matters; partner David J. Kappos and associate Carys Webb on intellectual property matters; partner Matthew Morreale on environmental matters; senior attorney Joyce Law and practice area attorney Laurel R. Berkowitz on real estate matters; and senior attorney Jesse M. Weiss on antitrust matters. Emma C. Ireland also worked on M&A matters and Rohan E. George also worked on intellectual property matters.