Adevinta sells its Hungary-based marketplaces to Ingatlan.com

Adevinta has sold its Hungary-based marketplace businesses — Jófogás, Használtautó.hu and Autónavigátor — to Ingatlan.com, the country’s leading real estate vertical. Financial terms were not disclosed.

Jófogás is a general goods marketplace; Használtautó.hu is a used vehicle marketplace; and Autónavigátor is primarily an automotive news site but also has a classifieds segment.

Jofogas has very strong recruitment, real estate, and auto categories and generates about 15 million monthly visits, according to Similarweb. HasznaltAuto.hu is the leading auto marketplace in Hungary, with around 9.5 million monthly visits.

The impact of the sale of the Hungarian business on Adevinta’s financials is considered immaterial, according to a press release from the Norway-based company.

It had announced the sale process for Adevinta Hungary in February this year. “The sale is the best solution from the point of view of the teams, business considerations, and Adevinta as well,” Adevinta Hungary told Forbes.hu at the time. The company added that it saw untapped potential in Hungary but didn’t consider itself the best long-term owner to support the company’s development, so it decided to sell the entire business.

“We are pleased to have found the right local buyer in Ingatlan.com, who are extremely experienced in Hungary and well positioned to create strong growth opportunities for their online classifieds business over the long term,” said Adevinta CEO Antoine Jouteau.

“The completion of the divestiture of our Hungarian marketplaces is another important milestone in the optimisation of our portfolio and the execution of our Growing at Scale strategy, as we continue to focus on our five European markets [Benelux, France, Germany, Italy and Spain].”

In the AIM Group’s analysis of the potential buyers, Ingatlan was listed as a possibility, though not one of the frontrunners.

József Keleti, CEO of Ingatlan, commented “The transaction is a huge leap forward. We are excited to integrate the talented teams of Jófogás, Használtautó.hu and Autónavigátor with Ingatlan.com and work together on our strategic goals. Our users will benefit from the limitless potential of managing their two biggest wealth assets, properties and cars, in one place.”