Uzbekistan’s Competition Authority has approved the acquisition of OLX Classifieds by a company affiliated with TBC Bank Group, granting formal consent to the economic concentration deal.
The Committee reviewed an application submitted by Tapuz Limited, a company registered in the UAE. The application concerned the purchase of a 100% stake in OLX Classifieds, which provides online classified advertising services under the OLX brand.
TBC Bank Group PLC — the principal shareholder of Tapuz Limited — indirectly holds stakes in TBC Bank, a digital commercial bank in Uzbekistan, and Payme, a leading online payment platform. The Committee also took note of the fact that both Payme and OLX Classifieds are already listed among entities holding dominant positions in the digital platforms sector.
It was additionally established that Tapuz Limited holds no ownership stakes in other businesses operating in the online advertising market in Uzbekistan.
Conditions of Approval
The Committee approved the deal subject to a set of mandatory conditions aimed at preserving competition and protecting consumer interests:
- No unilateral influence: Tapuz Limited and TBC Bank Group PLC are prohibited from unilaterally or unjustifiably altering the terms of service for OLX users through digital platforms under their control.
- Data protection: Data collected or processed through OLX must not be used to restrict competition or to disclose personal or commercial information belonging to clients of organizations competing with TBC Bank and Payme.
- No abuse of dominance: The entities must not exploit their dominant market position or infringe upon consumer rights.
- Payment neutrality: Users must not be forced to make payments through OLX exclusively via Payme or TBC Bank applications; equal conditions must be created for all payment service providers.
The company is also required to fully comply with Uzbekistan’s Law on Competition and relevant regulatory requirements.
