Monday, September 30, 2013
SPH: Telenor, Norway's leading telco operator, is buying a one-third stake in media company 701Search, at an enterprise value of €180m ($303m). Telenor will buy an equal number of shares each from the present joint owners, SPH and Schibsted Classified Media. SPH will receive $16.9m for its 701Search shares. Established in 2006, 701Search operates online classified companies including Mudah.my in Malaysia and Berniaga.com in Indonesia. With this move, 701Search will be able to leverage on Telenor's Asian telco network, mobile Internet capabilities and subscriber base to bring online classifieds into the mobile sphere.