Network18 sells yellow pages and AskMe biz to Getit

28 Feb,2013

By A Correspondent

 

The Network18 group’s divestment of stakes in non-core assets has taken another leap with the announcement of stake sale in its yellow pages and AskMe businesses to leading yellow pages company Getit Infoservices.

 

The divestment is subject to shareholders’ approval.  Earlier during the current  financial year, Network18 had  divested its entire stake in Newsire18 and partially diluted its stake in Bookmyshow.com.

 

Earlier today, the Network18 Group informed stockmarkets that it has entered into an agreement to profitably divest its premier local search businesses – Infomedia Yellow Pages and AskMe.  The combined operations of Getit will be referred to as ‘Getit Infomedia’ and  will be wholly owned by shareholders of Getit. Getit investors include Malaysia-based Astro group and Helion Venture Partners, a leading VC fund.

 

Announcing the transaction, Raghav Bahl, Managing Director, Network18, said, “The divestiture of  Infomedia Yellow Pages and Askme, India’s leading local search businesses is a reflection of our  commitment to profitably monetize non-core assets for the  benefit of our shareholders and to also facilitate  the growth of these businesses to the next level. We would like to convey our best wishes to the team as they embark on the next phase of their journey.”

 

Commenting on the deal, B. Sai Kumar, Group CEO, said, “We take pride and pleasure in having been a part of the Infomedia Yellow Pages and Askme businesses. We are delighted with this development and believe that the new operations will be a powerful solution provider for the SME space in India. We would like to wish  the team the very best as they continue to excel in their endeavours.”

 

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