Carousell and Telenor Group today has announced that they have entered into an agreement that will see Carousell being merged with 701Search which is a subsidiary of Telenor. While 701Search name might be well-known in Malaysia, we are pretty sure everyone is generally familiar with its local entity, Mudah.my.
Aside from Mudah, 701Search also owns Cho Tot in Vietnam and OneKyat in Myanmar. The company became a subsidiary of Telenor back in 2017 through a deal with the original owners, Singapore Press Holdings and Schibsted.
Under the new deal which includes 32% stake for Telenor, all three 701Search’s entities have now been absorbed into Carousell. Worry not though, Mudah will continue to exist in Malaysia as Carousell has decided to retain Mudah’s brand and platform for the time being.
According to Telenor, this deal doesn’t require regulatory approval which means that the merge is effective immediately.
