Schibsted ASA (SCH) - Schibsted increases its stake in InfoJobs to
98.5 %
(Thomson Reuters ONE) - Schibsted has entered into an agreement to acquire its Spanishpartner Primerama's shares in InfoJobs, the clear market leadingonline recruitment portal in Spain and the leader in Italy. After thetransaction Schibsted will be the direct owner of 98.5 % of InfoJobs,compared with the former indirect exposure of 75.2 %. Schibsted alsogets the control over 73 % of InfoJobs Italy, compared with theformer exposure of 56 %.For Schibsted, the transaction secures full control over a profitableoperation in a market with strong potential for growth. The Spanishemployment market has seen significant declines during the last 12-18months, and the timing of the transaction is regarded as good.The agreement is a result of negotiations following Primerama'sannouncement in February 2009 regarding it exercising its rights tosell 12 % of Anuntis Segundamano Holding, including InfoJobs, toSchibsted. The agreement implies that Primerama no longer hasinterests in InfoJobs, but keeps its 23.77 % of the rest of theAnuntis operation. Primerama has the right to sell its Anuntis sharesto Schibsted according to certain procedures, and Schibsted has theright to acquire Primerama's Anuntis shares in the second half of2013. The Anuntis operation entails leading positions in the Spanishonline classifieds market for cars, real estate and generalmerchandise. Anuntis also has operations in Argentina, Brazil,Columbia and Mexico.Schibsted's acquisition of InfoJobs shares implies a value of theoperation of EUR 185 million on a 100 % basis (enterprise value). Netof debt allocated to InfoJobs, Schibsted pays out EUR 33 million forthe shares. The transaction closed today. Sverre Munck, EVPInternational, will take over as Chairman of the Board of Directorsin InfoJobs with immediate effect.InfoJobs has been impacted by the weak Spanish employment market, andin first half 2009 revenues declined by 33 %. Revenues last 12months, as of Q2 2009, were EUR 37 million. Based on the last 12months of operation, as of Q2 2009, the implied transaction EV/EBITDAmultiple is below 10. For comparison, the average EV/EBITDA multiplefor Monster, SeLoger and Rightmove, based on 2009 estimates, is 16.5(source: UBS estimates).- InfoJobs has been able to maintain its market positions and goodoperating performance even in the very difficult situation in theSpanish market. We think the timing for increasing our exposure tothis company is right, states Sverre Munck.About InfoJobs:* Clear leader in the Spanish online recruitment market. The largest non-governmental online portal in Europe.* 95,018 job offers in the database.* 31,714 job postings on the site* 7,067,162 CVs in the database* 5.1 million unique visitors in September 2009 (Source: Nielsen Netratings)* Revenues last 12 months, as of Q2 2009, were EUR 37 million.* InfoJobs.it, the leading online recruitment portal in Italy measured by traffic and number of job offers, is 74 % owned by InfoJobs.* Schibsted owns 98.5 % of InfoJobs. 1.5 % is held by employees and founders of the company. Schibsted has the right to acquire the minority shares from 2014 and the minorities have the right to sell to Schibsted in 2012 and 2013.Contact persons:EVP International, Sverre Munck, tel: +47 916 86 699CFO Trond Berger, tel: +47 916 86 695 Oslo, 16 October 2009 SCHIBSTED ASA Jo Christian Steigedal VP Investor Relationshttp://hugin.info/131/R/1348044/324296.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 16.10.2009 - 13:30 Uhr
Sprache: Deutsch
News-ID 7003
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