Telenor: Asian classifieds unit to merge with Carousell

(CercleFinance.com) - Norwegian telecom group Telenor has announced a merger between its Asian online classifieds business, 701Search, and the Singapore-based classifieds marketplace, Carousell.


The deal will create a regional leader in online classifieds, the Nordic operator said.

Telenor will receive a 32% stake in the company, making it the largest minority shareholder.

This means that 701Search - which owns classifieds sites in Malaysia, in Vietnam and in Myanmar - will cease to be a Telenor unit and will merge its operations with Carousell, with immediate effect.

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