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Venture capital firms to sell stake in Friendster to MOL Global

Venture capital firms IDG Ventures, Kleiner Perkins Caufield & Byers, Benchmark Capital, DAG Ventures and Founders Fund Management have agreed to sell their stake in Friendster, a US-based online social network company, to MOL Global.

MOL Global is a Malaysia-based affiliate of online payment solutions provider MOL AccessPortal Berhad.

MOL Global has entered into an agreement to acquire 100 per cent of Friendster for approximately USD100m.

Morgan Stanley is acting as financial adviser to Friendster.

The acquisition will enable MOL to strengthen its end-to-end content, distribution and commerce network in Asia.

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