SINGAPORE: Carousell, a Singapore-based online marketplace that lets people buy and sell second-hand goods, has agreed to combine with Telenor ASA’s 701Search in a deal that values the merged company at more than US$850mil.

Carousell will absorb 701Search, which owns online marketplaces in Malaysia, Vietnam and Myanmar, as part of the equity and cash deal, according to a statement Thursday. Telenor will invest US$20mil into Carousell and become the single largest minority shareholder with a 32% stake in the combined company.