Frontier Digital Ventures Limited (ASX:FDV) entered into a sale agreement to acquire the remaining 49% stake in RELAXED SA for $6.2 million on June 9, 2021. The transaction will be funded from using existing cash reserves. Calculation of the two earn-out consideration payments will be based on revenue and EBITDA targets at the completion of FY21 and FY22 respectively. The Chief Executive Officer of InfoCasas, Ricardo Frechou, will remain in his current position and continue to manage the operations of the business through to the end of FY22. In a related transaction, FDV has recent 100% acquisitions of Fincaraíz in Colombia and Yapo in Chile. FDV also holds a 26.3% interest in Encuentra24 following the combination last year with OLX Group's online classifieds platform The terms of that agreement provided OLX with a call option over all of the issued shares of Encuentra24, which it may choose to exercise on the second or third anniversary of the agreement. Completion of the sale agreement is expected to occur on Wednesday, June 23, 2021. Vesparum Capital Pty Ltd acted as financial advisor and Herbert Smith Freehills as Australian acted as legal advisor to FDV in the transaction.

Frontier Digital Ventures Limited (ASX:FDV) completed the acquisition of remaining 49% stake in RELAXED SA on June 23, 2021.