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Telenor ASA to Become Joint Venture Partner in SnT Classifieds and 701

Sunday, 29 Sep 2013 06:01pm EDT 

Telenor ASA announced that the Company, Schibsted Media Group and Singapore Press Holdings (SPH) have on September 27, 2013 entered into agreements to pursue online classifieds opportunities in selected key markets in Asia and South America through the joint ventures SnT Classifieds (SnT C) and 701 Search (701). SnT C is a new joint venture established by Telenor and Schibsted, in which Telenor and Schibsted will own 50% each. Schibsted contributes their existing South American assets Yapo (Chile) and Bomnegocio (Brazil). Telenor contributes with its Bangladeshi asset Cellbazaar. 701 is an existing joint venture between Schibsted and SPH with online classifieds operations in Southeast Asia. According to the agreement, Telenor, Schibsted and Singapore Press Holdings will own 33.3% each in 701. Telenor pays around EUR 145 million in cash for its 50% share in SnT Classifieds and 33.3% stake in 701. The parties have committed pro rata funding of the joint ventures until estimated cash flow breakeven. 

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