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BRIEF-Telenor in online classified M&A deals with Schibsted, Singapore Press
May 11, 2017 / 8:39 PM / 7 months ago

BRIEF-Telenor in online classified M&A deals with Schibsted, Singapore Press

May 11 (Reuters) - Telenor Asa

* Entered into an agreement with schibsted asa regarding its joint ventures within online classifieds

* Exits latin american joint venture (snt) and acquires schibsted’s stake in joint ventures in malaysia, vietnam, and myanmar

* Net proceeds to telenor from transaction with schibsted will be usd 406 million

* Has entered into an agreement with singapore press holdings to acquire their share in online classifieds sites in malaysia, vietnam and myanmar for usd 110 million

* Will own 100 % of leading online classifieds services mudah (malaysia), chotot (vietnam), onekyat (myanmar) and imsold (malaysia and vietnam)

* Telenor, schibsted, naspers and singapore press holdings will remain partners in online classifieds assets in thailand and indonesia

* Telenor says deals are part of our efforts to simplify telenor group’s business portfolio and to focus on business development in geographical areas of key importance

* Transactions are expected to close by end of june 2017

* In telenor group’s financial reporting for q2 2017, a gain of nok 3.5 billion will be booked related to disposals and an impairment of nok 0.3 billion will be booked relating to asian assets

* Transactions will give a net positive cash contribution of around nok 2.5 billion in q2 of 2017 Source text: bit.ly/2pDVbhB Further company coverage: (Reporting By Terje Solsvik)

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