Feb 27, 2013, 10.11 PM | Source: Moneycontrol.com
The Network18 Group announced that it has entered into an agreement to profitably divest its premier local search businesses - Infomedia Yellow Pages and AskMe.
Network18 is divesting the business to GETIT Infoservices Private Limited (GETIT) - India's leading digital marketing company offering a platform for Local Search, Classifieds, Micro Communities, Deals, etc. The combined operations of GETIT will be referred to as "Getit Infomedia" and will be wholly owned by shareholders of Getit.
Announcing the transaction, Raghav Bahl, Managing Director, Network18 said that, "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."
The divestment of Yellow Pages and AskMe Businesses forms a part of a series of asset monetization transactions by Network18. The divestment is subject to shareholders’ approval. Earlier during the current financial year, Network18 had partially diluted its stake in India’s premier Digital Commerce asset Bookmyshow.com. It had also recently divested its entire stake in Newsire18.
(Note: Web18, which owns Moneycontrol.com and Indiaearnings.com, belongs to the Network 18 Group)