Allen & Gledhill has advised Singaporean online classifieds business Carousell on its agreement to merge with 701Search, a subsidiary of Norwegian telecoms firm Telenor Group, which was represented by Bird & Bird.
According to Reuters, the merger values the combined company at more than $850 million. 701Search owns online marketplaces Mudah in Malaysia, Cho Tot in Vietnam, and OneKyat in Myanmar.
Telenor will become the single-largest minority shareholder in Carousell with a 32 percent stake in the combined company, Reuters added. 701Search will cease to be a subsidiary company of Telenor Group and will merge its operations with Carousell with immediate effect.
The Bird & Bird team included partners Graeme Maguire, Marcus Chow, Seow Hui Goh, Michelle Chan and Beng Chai Tay.
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