Carousell has announced a merger agreement with Telenor Group which will consolidate a number of online classified sites under one roof. The merged company will be valued at more than USD 850 million (about RM3.5 billion) with Telenor Group owning a 32% stake.
Prior to the merger, Telenor owns Singapore-based 701Search which operates a number of classified sites in Southeast Asia. 701Search was formerly a joint venture between SPHI, Schibsted Media Group and Telenor Group. Eventually, Telenor acquired Schibsted‘s and SPH‘s stake in 2017. 701Search which currently operates Mudah in Malaysia, Chotot in Vietnam and OneKyrat in Myanmar, will cease to be a subsidiary company of Telenor Group.
After the merger, 701Search’s regional hub in Singapore will be fully integrated into Carousell. Meanwhile, Mudah, Cho Tot and OneKyat will continue to retain their individual names and platforms in their respective countries. The businesses will report to Carousell Chief Executive Officer, Quek Siu Rui.
Commenting on the announcement, the Carousell CEO said “Our mission has remained the same since day one. We want to inspire every person in the world to start selling and buying. Merging with 701Search will allow us to further this mission on an even greater scale and fortify our leadership in Southeast Asia as Mudah, Cho Tot and OneKyat are already leaders in their markets. I am excited to work with our new teammates to learn about the dynamics of these local markets, create win-win opportunities that are mutually beneficial for our community of users, and inspire even more people to start selling and buying.”
Telenor Group’s Head of Online Classifieds, Johan Rostoft said “We have built a profitable and high-growth marketplace business serving millions of users every single day. This transaction presents an attractive opportunity for us to take the next step in our marketplace journey, and it also simplifies Telenor’s portfolio. We believe that Carousell is the best partner for our online classifieds business in Southeast Asia.”
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