Singapore’s online classifieds company Carousell merges with Norway’s Telenor in a deal valued at more than $850 million.
On Thursday, in a statement, Singapore’s Carousell, an online classifieds company stated, it has agreed to a proposal to merge with a subsidiary of Telenor Group, a Norwegian telecoms firm.
The deal values Carousell at more than $850 million.
Carousell will merge with Telenor’s 701Search, which owns online marketplaces Mudah in Malaysia, Cho Tot in Vietnam, and OneKyat in Myanmar, as part of the equity and cash agreement, said the company in a statement.
Telenor will have a 32% stake in the combined company and will become the single-biggest minority shareholder in Carousell.
In a statement Telenor said, 701Search will cease to be its subsidiary and will merge its operations with Carousell, with immediate effect.
The valuation takes Carousell closer to becoming a unicorn.
Currently, Singapore has two unicorns – Grab and image recognition technology firm Trax.