Two Vietnamese advertising online markets, ChoTot and ImSold, which both belong to 701Search, will be handed over to Telenor ASA, a Norwegian telecommunication company, in June.

Additionally, Telenor reached an agreement with Schibsted to divest from a joint venture with Schibsted in Latin America and bought back its stakes in markets of Malaysia, Viet Nam and Myanmar, ICTnews.vn reported.

Telenor also signed an agreement with Singapore Press Holdings to buy shares in advertising online sites in Malaysia, Viet Nam and Myanmar with a deal worth US$110 million.

ChoTot was launched in 2012 and is a leading advertising online market in Viet Nam.

The change of shareholders will not affect the business strategy of ChoTot as Telenor joined the board of management of 701Search in 2013 and is an important part of the company’s, CEO ChoTot said in a press release.

Telenor is one of the largest telecom corporations in the world with revenues of more than $15.3 billion last year and is currently active in 13 countries. — VNS