ICICI Venture Looking To Exit Infomedia
By Nikhil Pahwa - Thu 20 Sep 2007 09:49 PM PST
Notz Stucki, a European asset management company is in line, alongwith PE funds including General Atlantic, Blackstone and Warburg Pincus for acquiring ICICI Ventures’ 63 percent stake in Infomedia, reports the Economic Times. Reed Business Info, ICICI’s JV partner in Infomedia is also keen on buying ICICI Ventures’ sake, but there appear to be valuation issues. ICICI Venture had acquired Tata’s 50 percent stake in Infomedia in 2003 for Rs. 123 crore, and then picked up 13 percent via an open offer. It is believed that ICICI Ventures’ stake will be upwards of Rs. 400 crore. More here.
Infomedia is best known for its Yellow Pages, and local business information which is has syndicated to several local search engines online. Similar to Justdial, they also have a phone directory service - Yellow Line. Online, they have a nondescript classifieds site hotfrog.in and (expectedly) a local search engine yellowpages.co.in. They also have niche magazines.
Posted in: Magazines, Classifieds Business
