Singapore's Carousell to Merge With Telenor's Online Classifieds Assets
November 21 2019 - 1:45AM
Dow Jones News
By Martin Mou
Singapore's online classifieds marketplace operator Carousell
has signed an agreement to merge with 701Search, the classified
marketplace unit of Norway's Telenor ASA (TEL.OS).
The cash and equity deal values Carousell at more than $850
million, and Telenor will become the single largest minority
shareholder owning 32% of the combined entity, Carousell said in a
statement Thursday.
Following the merger, 701Search's regional hub team in Singapore
will be fully integrated into Carousell, while the other platforms
that 701Search operates will retain their individual names,
Carousell said.
701Search owns online marketplaces Mudah in Malaysia, Cho Tot in
Vietnam, and OneKyat in Myanmar, it said.
Telenor is a telecommunications company with operations across
Scandinavia and Asia.
Write to Martin Mou at martin.mou@wsj.com
(END) Dow Jones Newswires
November 21, 2019 01:30 ET (06:30 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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