Schibsted ASA (SCH) - Schibsted to terminate the ongoing acquisition of Hemnet
(Thomson Reuters ONE) -
Schibsted announced in May 2015 an offer to acquire the largest online
classifieds site for real estate in Sweden, Hemnet. An agreement with current
owners to acquire the company was reached in December 2015. During 2016, the
agreement has been under scrutiny by The Swedish Competition Authority (SCA).
Schibsted announced 13 May 2016 that the SCA took a negative view to the
transaction in its current form. Since then, Schibsted has been in dialogue with
the SCA seeking to find appropriate remedies that would address the concerns
identified by the authority. A set of commercially acceptable remedies has been
offered on the background of these talks. It is our view that the SCA's initial
concerns have been alleviated as a result of these remedies and that Schibsted
would be the best owner of Hemnet both from the perspective of Swedish consumers
and from the realtors' viewpoint.
However, the SCA has informed Schibsted that the authority will not clear the
transaction in its current form. Schibsted has on this background concluded that
the acquisition process will be terminated.
Schibsted still considers the Swedish real estate market to be attractive, and
will now consider other alternatives for its presence in the market.
Schibsted has leading online classifieds traffic positions in 20 countries. To
establish stronger positions in the verticals is considered a good way of
creating additional value in many of these markets. An active approach to M&A
will continue to be an essential part of this strategy.
Contact persons:
Media: Raoul Grünthal, EVP Sweden, mobile +46 70 877 4500
Investors/analysts: Trond Berger, EVP CFO, mobile +47 916 86 695 or Jo Christian
Steigedal, VP Head of IR, mobile +47 415 08 733
Oslo, 7 July 2016
SCHIBSTED ASA
Jo Christian Steigedal
Head of IR
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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 GlobeNewswire
[HUG#2027016]
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