Frontier Digital Ventures: Raises $40m to fully own Encuentra24

Frontier Digital Ventures Raises $40m to fully own Encuentra24

• Frontier Digital Ventures (FDV) announces a $40 million capital raising to increase its stake in Encuentra24 (E24) to 100 per cent
• The company entered sale agreements with OLX Group and the founders of E24 to purchase their respective interests in the classifieds marketplace
• E24 is a classified marketplace with a presence in five Latin America markets and FDV says full ownership allows it to consolidate its position in this region
• The capital raising includes a $35 million placement which will partially fund the acquisition price and a $5 million share purchase plan
• On the market today, FDV is down 4.11 per cent and trading at $1.52 per share