Slaughter and May advised Ambatana B.V. Holdings in relation to the letgo merger of U.S. operations with Wallapop S.L.
Under the terms of the agreement, Wallapop’s U.S. operations will be absorbed into letgo, creating a strong player in the U.S. mobile classifieds market. The combined entity will be majority owned and managed by letgo, and will operate under the letgo brand on the letgo platform. Existing shareholders will also be injecting USD 100 million to grow the combined business.
Letgo was founded in January 2015 and launched its app publically in May 2015, obtaining USD 100 million in funding from South African technology investor Naspers Limited (Naspers) in September 2015.