The Network18 Group has announced that it has entered into an agreement with Astro’s Getit to divest its local search businesses – Infomedia Yellow Pages and AskMe.
Getit, a digital marketing company offering a platform for local search, classifieds, micro communities, deals, etc. will be referred to as Getit Infomedia, and will be wholly owned by shareholders of Getit.
Getit investors include Malaysia based Astro Group, a cross media group with presence in DTH TV services, commercial radio and TV programming that owns 75 per cent stake, 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 is a reflection of our commitment to profitably monetise 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.”
This move is in line with Network18’s stated objective of divesting stakes in non-core assets to create value for the shareholders and allow infusion of growth capital in these assets.
B Sai Kumar, Group CEO, Network18 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 monetisation transactions by Network18. The divestment is subject to shareholders’ approval.
Earlier during the current financial year, Network18 had partially diluted its stake in Bookmyshow. It had also recently divested its entire stake in Newswire18.