MoFo News Item

MoFo Advises letgo Management Team and Minority Shareholders on Merger With OfferUp

25 Mar 2020

Morrison & Foerster advised the founding minority shareholders and management team of letgo, a popular local buy-and-sell app, on its recently announced merger with another leading local buy-and-sell app, OfferUp. Under the agreement, OLX Group, which is letgo’s majority investor and a portfolio company of Prosus (AEX: PRX), will own 40% of the combined entity. The agreement also includes a new $120 million investment round led by OLX Group, along with existing OfferUp investors, including Andreesson Horowitz and Warburg Pincus.

OfferUp and letgo have quickly grown in popularity thanks to innovations that make it easier for their communities to buy and sell, and both are consistently ranked as top shopping apps in the App Store and Google Play Store. Their merger will create a leading mobile marketplace supporting more than 20 million monthly active users, with complementary product capabilities and a national footprint across the United States.

The MoFo deal team was led by San Francisco corporate senior counsel John W. Campbell III and included corporate of counsel Jeffrey Washenko, M&A co-chair Graeme Sloan, tax partner Anthony J. Carbone and of counsel Dave B. Sturgeon, executive compensation partner Amanda Hines Gold, and technology transactions of counsel Anthony M. Ramirez.

Read the companies’ press release.

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