Schibsted strengthens its position in the rapidly growing Brazilian online classifieds site OLX.com.br by increasing the ownership from 25 to 50 percent.
Additionally, Schibsted increases its ownership from 50 to 100 percent in the market leader in Chile, Yapo.cl, and creates a strong online classifieds cluster in Latin America with leading positions in 5 countries in the region. The change is a consequence of Schibsted taking over Telenor’s share of SnT Classifeds.
The transaction implies that Schibsted takes over Telenor’s 50 percent of SnT Classifieds, which in its turn controls 50 percent of OLX Brazil and 100 percent of Yapo in Chile. At the same time, Telenor takes over Schibsted’s 33.3 percent and Singapore Press Holdings’ 33.3 percent of 701 Search, the company that controls 100 percent of Mudah in Malaysia, Cho Tot in Vietnam, in addition to operations in Myanmar. Schibsted has been a partner with SPH in Asia since 2006, and with Telenor in Asia and LatAm since 2013. The cooperation continues at a smaller scale in selected Asian markets.