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Schibsted ASA's Schibsted Media Group and Telenor Teams Up in Joint Venture-COMPLETE STORY


Monday, 30 Sep 2013 02:43am EDT 

Schibsted ASA announced that Schibsted Media Group and Telenor are teaming up in a joint venture to provide online classified services to people in selected key markets in South America and Asia. The new company will be called SnT Classifieds. At the same time Telenor joins Schibsted and Singapore Press Holdings (SPH) in the South East Asian online classifieds joint venture 701 Search Pte (701). SnT Classifieds will be owned 50/50 by Schibsted and Telenor. Schibsted will receive EUR 119 million in cash from Telenor in connection with the transaction. Schibsted will contribute the South American assets Bomnegocio.com (Brazil) and Yapo.cl (Chile) into the joint venture. Telenor will contribute its Bangladeshi asset Cellbazaar.com. The transaction implies a valuation of the assets contributed by Schibsted of EUR 170 million and will result in a gain for Schibsted of around EUR 85 million, which is expected to be recognized in Q4 2013. The parties have committed to a pro rata funding of the joint venture going forward. In 701 Telenor will enter as an equal partner with Schibsted, Telenor and SPH with each owning 1/3 of the company. 701 was established in 2006 as a 50/50 joint venture between Schibsted and SPH. The transactions imply an enterprise value of the company of EUR 180 million, and will result in a gain for Schibsted of around EUR 30 million, which is expected to be recognized in Q4 2013. 

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23 Dec 2014