OSLO, Nov 13 (Reuters) - Schibsted ASA
* Schibsted, Naspers, Telenor and Singapore Press Holdings agreed to establish joint ventures for the development of online classifieds platforms in Brazil, Indonesia, Thailand and Bangladesh.
* The ownership structure in the joint ventures will be as follows:
* Brazil: 50.0% Naspers and 50.0% SnT Classifieds
* Indonesia: 64.0% Naspers and 36.0% 701 Search
* Thailand: 55.9% 701 Search and 44.1% Naspers
* Bangladesh: 50.3% SnT Classifieds and 49.7% Naspers
* SnT Classifieds is an equal shareholding joint venture between Schibsted and Telenor. 701 Search is an equal partnership joint venture amongst Schibsted, Telenor and SPH.
* As part of the agreement, 701 Classifieds will transfer its online classifieds business in the Philippines to Naspers, who will manage the operation.
* In certain other markets in Latin America and Asia Schibsted, SnT Classifieds and 701 Search, respectively, acquire Naspers’ operations.
* At the same time, Naspers acquires the operations of Schibsted, SnT Classifieds and 701 Search in certain other markets.
* Schibsted expects that the transaction will result in a gain in the range of NOK 300-400 million. The transaction is not expected to have any significant tax effects, and it is cash neutral. Further company coverage:
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