GETIT acquires Network18's YellowPages.co.in and AskMe.in

Though the financial details of the agreement were not disclosed, GETIT states that the combined entity will be called GETIT Infomedia and will be wholly owned by GETIT shareholders.

The Network18 Group has entered into an agreement with GETIT Infoservices to divest its local search businesses that includes Infomedia Yellow Pages and AskMe.

GETIT Infoservices is a directional media company in India with services that include yellow pages, white pages directories, classified media, tele-information services, online and mobile media. The company's investors include Malaysia-based Astro Group that owns 75 per cent stake, and Helion Venture Partners, a VC fund.

While the financial details of the agreement were not disclosed, GETIT states that the combined entity will be called GETIT Infomedia and will be wholly-owned by GETIT shareholders. This comes close to the heels of GETIT roping in former Microsoft hand Jaspreet Bindra as CEO.

Announcing the transaction, Raghav Bahl, managing director, Network18, says, "The divestiture of Infomedia Yellow Pages and AskMe is 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."

Earlier this week, Network18 had received approval from the company's board to divest its stake from online business directories YellowPages.co.in and AskMe. YellowPages.co.in is an online directory which connects potential buyers and sellers. AskMe.in is an online and voice-based local search service. According to reports, Yellow Pages currently claims to offer listings from more than 50,000 suppliers across more than 481 cities in India, while AskMe claims to offer listings from 547 cities in India.

Jaspreet Bindra, CEO, GETIT Infoservices, says, "With the growing significance of the SME market coupled with digital and social media growth, India offers us an unprecedented opportunity in the SME digital and e-commerce space. This combined entity with a truly pan India presence and unique model of feet on street, and digital outreach, will accelerate our vision for SME digital enablement."

Earlier during the current financial year, Network18 had sold its stake in NewsWire18 to Samara Capital for Rs 90 crore. Besides, it had also diluted its stake in the movie and event ticketing website BookMyShow to Accel Partners for Rs 100 crore in August, 2012.

In March 2012, Network18 had sold its entire stake in NetworkPlay to Gruner+Jahr.