Local search and classifieds company Getit has acquired two of Network18 group’s local search businesses– Infomedia Yellow Pages and AskMe. BSE listed Network18 informed the exchange that the combined operations of Getit will be called Getit Infomedia and will be owned totally by Getit shareholders.
“This is in line with the stated objective of divesting stakes in non core assets to create value for shareholders,” the Network18 group said. The deal size was not disclosed.
The group, which runs a clutch of television channels including CNN IBN, CNBC TV18 and Colors had sold Six months ago, Accel Partners invested nearly Rs 100 cr in Bigtree, a Network18 owned online movie and event ticketing company which runs Bookmyshow.com. Network18 sold a minority stake in Bigtree to Accel Partners for Rs 66 cr.
The group is on its way to getting rid of its assets that aren’t in the broadcasting business.
Meanwhile, Homeshop18, the ecommerce & tele shopping arm of Network18 has filed for a confidential Initial Public Offering at the Nasdaq. The company is said to be looking to raise $100 mn from the IPO.
Last month, Getit partnered with Yahoo! to revive its local search services. Getit now powers Yahoo!’s local search.
Two years ago, Malaysia based investor Astro acquired 50% stake in GETIT Info services for around Rs 100 crore. The Helion Ventures backed local search and classified company was valued at around Rs 200 crore in then.