Brief: SPH sells 701Search stake to Norwegian telco for $109m
- Singapore Press Holdings (SPH) has agreed to sell its stake in 701Search – a Singapore-based digital media company that screens and aggregates online classified ads – to Norwegian telco Telenor in a deal worth US$109 million.
- 701Search was started as a joint venture between SPH and Norwegian media company Schibsted back in 2006, with Telenor joining as an equal shareholder in 2013.
Why it matters:
- 701Search is invested in several classified ads sites and apps across Southeast Asia, including ImSold and Mudah in Malaysia, OneKyat in Myanmar, and ChoTot in Vietnam, among others.
- SPH says in a press release that it will continue to invest in digital businesses in the region “subject to economics and business outlook considerations”. The 701Search sale to Telenor does not affect its ownership stakes in certain online classifieds joint ventures with Telenor, Naspers, and Schibsted in Indonesia and Thailand.
Source: The Straits Times
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