SPH to sell stakes in 701Search to a Norwegian telco

Purchase price sits at US$109m.

Singapore Press Holdings is now in talks with Norway's telecommunications operator Telenor ASA for the proposed divestment of its stake in 701Search Pte. Ltd.

SPH Interactive International Pte Ltd entered the agreement with Telenor. Under the deal, SPH will sell 60.2m shares of 701Search which represents SPH's entire stake in the Norwegian firm.

The stakes will be sold for a consideration of about US$109m. Upon closing, 701Search will cease to be an associate company of SPH.

SPH CEO Alan Chan said SPH will continue to invest in the digital business and look out for opportunities in Singapore and the region.

"701Search has performed well over the last 10 years since it started. This transaction presents an attractive opportunity for us to realise our investment. Telenor would be in the best position to continue growing the business further, deriving synergies between the online classifieds business and its telecommunications business," he said.