The transactions were closed on 08 January 2015 after all conditions precedent had been satisfied, and the joint ventures are now established, the companies confirmed through a joint statement.
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[DATA NPN:Naspers Limited] and Schibsted Media Group, Telenor Group and Singapore Press Holdings announced on 13 November 2014 an agreement to establish joint ventures for the development of their online classifieds platforms in four key markets – Brazil, Indonesia, Thailand and Bangladesh.
“The establishment of the joint ventures will bring substantial benefits to consumers, as they will be able to buy and sell goods on better and more comprehensive market places," read the statement.
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“The businesses will also be able to share cost, expertise and people to more effectively build awareness of the benefits of a vibrant online classifieds offering to consumers.”