Adevinta has agreed to sell its majority stake in Gumtree South Africa to Impresa Capital. Gumtree SA was established in 2004 and is one of South Africa’s largest online classifieds platforms that helps millions of users and customers buy and sell second-hand goods daily. Gumtree holds solid leadership positions in the competitive South African classifieds market. The stake acquired or the acquisition amount was not disclosed.

Impresa Capital is the majority shareholder of Ignition Group, one of Africa’s largest investors in technology, media, telecommunications and financial services. Ignition Group has large blue-chip clients such as Mr Price, Vodacom, Telkom, DStv, Capitec, T-Mobile, Vox and Shell among many others. The transaction is subject to regulatory approval in South Africa.