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Carousell in Talks to Buy Property Portal for $150 Million

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(Bloomberg) -- Carousell Pte, a Singapore-based online marketplace operator, is in talks to buy property portal 99 Group for more than $150 million, a person with knowledge of the matter said.

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The two companies are in early discussions for a cash-and-shares deal, according to the person, who asked not to be identified as the matter is private. The negotiations come as Carousell prepares for a potential listing this year. Carousell is in talks to go public through a merger with blank-check company L Catterton Asia Acquisition Corp., Bloomberg News reported last month.

99 Group Chief Executive Officer Darius Cheung declined to comment. A representative for Carousell also declined to comment in an emailed statement, adding that the company constantly considers “all options and opportunities.” The Business Times first reported that Carousell is in talks to acquire 99 Group.

Carousell, founded in 2012, counts Telenor ASA, Rakuten Ventures, Naver Corp., and Sequoia Capital India among its backers. The firm has since expanded to eight markets across Southeast Asia, Taiwan and Hong Kong, allowing users to buy and sell a diverse range of products from cars to gadgets and fashion accessories. It runs several online classifieds platforms including Carousell, Chotot.com in Vietnam, Mudah in Malaysia and OneKyat in Myanmar, according to its website.

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