Kazakhstan

Verny Capital and Beeline Kazakhstan Close $81 Million Acquisition of OLX Kazakhstan

Bulat Utemuratov's investment group has completed the purchase of 100% of the country's largest online classifieds platform from OLX Group, adding it to Beeline's digital-services push.

Joseph Paul

Joseph Paul

— 2 min read
Verny Capital and Beeline Kazakhstan Close $81 Million Acquisition of OLX Kazakhstan
Photo by J B / Unsplash

The deal hands one of Kazakhstan's most-used consumer websites to a local investor and a mobile operator building a "digital operator" model.

ALMATY, Kazakhstan — November 6, 2026 — Investment group Verny Capital, founded by businessman Bulat Utemuratov, has completed the acquisition of 100% of OLX Kazakhstan from OLX Group for $81 million, according to Forbes Kazakhstan. The transaction was carried out through Beeline Kazakhstan, which AIR Press reports Verny Capital describes as one of its portfolio companies. The deal closed after all regulatory procedures were completed, the outlets reported. The regulators involved were not named.

OLX Kazakhstan is the country's leading online classifieds platform. It covers goods and services, job vacancies, cars, and real estate, and has about 9 million monthly active users, more than 52% of Kazakhstan's active internet audience, according to the companies' announcement as reported by Forbes Kazakhstan, BES.media, and AIR Press.

Price rose from initial announcement

Beeline first announced the planned purchase in October 2025 at a price of $75 million, according to AIR Press. The outlet said the companies did not explain why the final price was higher. Payment terms were not disclosed.

Strategic rationale

Verny Capital said the deal fits its strategy of expanding its investment portfolio and strengthens its presence in digital services. "For us, this is not just a portfolio expansion, but an investment in the infrastructure of everyday digital services," Utemuratov said, according to Forbes Kazakhstan (translated from Russian). He added that the goal is to scale the asset while preserving its strengths and reinforcing its technology.

For Beeline, the purchase supports a "digital operator" strategy, in which the telecom company earns revenue from its own online services as well as from calls and mobile data. "The acquisition of OLX KZ will allow us to add the country's leading online classifieds platform to our portfolio," said Kaan Terzioglu, chief executive of international telecom group VEON, according to Forbes Kazakhstan (translated from Russian). He called the deal another important stage in carrying out the digital operator strategy.

The companies have not yet said what will change for OLX users, AIR Press reported. No plans for the OLX brand, management, or staff were disclosed.

Market context

The acquisition moves Kazakhstan's most widely used classifieds platform from an international online-classifieds group into the hands of a domestic investment group. It also extends Beeline's business beyond connectivity: in his remarks, Terzioglu said the strategy aims to build digital ecosystems spanning financial, medical, educational, and entertainment services, according to Forbes Kazakhstan.

This article is an independent English-language report by Frontier Market Data based on the following original reporting:

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