World Markets

Prosus classifieds unit invests $400 mln in Frontier Car Group

The classifieds business of Prosus is becoming the main shareholder in Berlin-based second-hand car trading platform Frontier Car Group (FCG), through a deal that will knit together their operations across emerging markets.

BERLIN, Nov 11 (Reuters) - The classifieds business of Prosus PRX.AS is becoming the main shareholder in Berlin-based second-hand car trading platform Frontier Car Group (FCG), through a deal that will knit together their operations across emerging markets.

Prosus unit OLX Group will invest up to $400 million in FCG, a startup co-founded in 2016 by 26-year-old American Sujay Tyle with an approach similar to that of another Berlin startup, AUTO1, that has been backed by Japan's Softbank Group 9984.T.

(Reporting by Douglas Busvine; editing by Thomas Seythal)

((berlin.newsroom (at) thomsonreuters.com; +49 30 2888 5156;))

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