Brief: Telenor in online classified M&A deals with Schibsted, Singapore Press
11/05/2017 21:29
May 11 (Reuters) - Telenor Asa TEL.OL
* 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: http://bit.ly/2pDVbhB
Further company coverage: TEL.OL
(Reporting By Terje Solsvik)
((terje.solsvik@thomsonreuters.com;))