Schibsted ASA (SCH) - Schibsted Media Group takes full control of Spanish Online classifieds operations
(Thomson Reuters ONE) -
Schibsted Media Group has agreed with its Spanish partner Primerama to acquire
their 23.77% of Anuntis Segundamano, the leading generalist, cars and real
estate online classifieds company in Spain. After the transaction Schibsted will
own 100 percent of Anuntis Segundamano.
Spain is a significant market for Schibsted Classified Media, and has been so
since the acquisition of majority stakes in Anuntis Segundamano and InfoJobs in
2006. Schibsted has an option to buy the minority shares in Anuntis from 1 July
2013 at an independent market based valuation, and Primerama has the right the
sell the shares to Schibsted. However the transaction is a result of a
negotiated agreement between the parties. Through the negotiated agreement
decoupled from the put/call exercise date, the parties avoid a time consuming
process with an uncertain outcome. The Anuntis operation will be increasingly
integrated with the rest of the Schibsted Classified Media operations as a
consequence of Schibsted resuming full ownership.
The agreed price for the shares is EUR 69 million calculated on a debt free
basis. In the light of market conditions, Schibsted regards the timing of the
transaction as good, and the valuation to be fair. In the first five months of
2013, revenues of Anuntis declined 2% compared with the same period in 2012, in
a very challenging Spanish market. The EBITDA margin remains strong at 25
percent.
David Gonzalez Castro will resign as CEO of Anuntis Segundamano as of 5 July
2013.
- We express our thanks to David Gonzalez Castro for taking the company through
a period with significant structural changes in the industry as well as major
macroeconomic challenges in Spain. Anuntis has shown consistent growth despite
adverse market conditions. Schibsted will now integrate the Anuntis sites
completely into the growing Schibsted Classified Media family of online
classifieds sites, applying our best practices and methodologies. In this way we
will ensure the optimal long term value creation for Schibsted in Spain, CEO
Rolv Erik Ryssdal says.
Schibsted Classified Media's operations in Spain include Anuntis Segundamano and
InfoJobs.net (98.5% owned). Anuntis Segundamano operates.i.a. the following
online classifieds sites:
* Segundamano.es, a leading generalist site. 27 million visits/month
* Coches.net, the leading car site. 6 million visits/month
* Fotocasa.es, jointly leading position in real estate. 10 million
visits/month
Primerama/The Gonzalez family will retain a 23.77 percent stake in InfoJobs
Brazil until 1 January 2017.
Contact persons:
Trond Berger, CFO. Tel: +47 916 86 695
Jo Christian Steigedal, VP Investor Relations. Tel: +47 415 08 733
Oslo, 5 July 2013
SCHIBSTED ASA
Jo Christian Steigedal
VP Investor Relations
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Schibsted via Thomson Reuters ONE
[HUG#1714548]
Unternehmensinformation / Kurzprofil:
Datum: 05.07.2013 - 12:51 Uhr
Sprache: Deutsch
News-ID 275892
Anzahl Zeichen: 3939
contact information:
Town:
Oslo
Kategorie:
Business News
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