Uzbek Regulator Approves OLX Acquisition Subject to Conditions

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan's Competition Development and Consumer Protection Committee has granted preliminary approval for Tapuz Limited to acquire a 100% stake in OLX Classifieds LLC, the operator of the OLX online classifieds platform in the country, subject to a number of regulatory conditions.

During its review of the transaction, the committee examined the ownership structure of the buyer and determined that TBC Bank Group PLC is the principal shareholder of Tapuz Limited. In Uzbekistan, the group indirectly owns the digital lender TBC Bank Uzbekistan and the Payme payment service.

The regulator noted that both Payme and OLX are included in the national register of companies holding dominant positions in the digital platforms market. At the same time, it found that Tapuz Limited has no ownership interests in other companies operating in Uzbekistan's online classifieds sector.

Following its assessment, the committee's special commission approved the economic concentration deal on the condition that the buyer complies with a number of mandatory requirements.

Among the conditions, the group is prohibited from using other digital services under its control to exert unjustified influence over the terms of use of the OLX platform. It is also barred from using OLX user data to restrict competition or create advantages for TBC Bank Uzbekistan and Payme.

The company may not disclose personal or commercial information relating to customers of competing businesses. In addition, it must refrain from abusing a dominant market position, respect consumer rights and preserve users' freedom to choose payment methods.

The regulator specifically stated that OLX users cannot be required to use only Payme or TBC Bank services when making payments on the platform.

The committee also obliged the company to provide equal conditions for competing payment systems and comply with national competition protection legislation.