Schibsted ASA (SCH) - Schibsted divests Basefarm
(Thomson Reuters ONE) - Schibsted has entered into an agreement to sell all its shares in thesubsidiary Basefarm AS to Reiten & Co Capital Partners VII LP basedon an enterprise value of NOK 255 million. The proceeds forSchibsted's shares (69.4 % of Basefarm) are NOK 130 million.Schibsted expects to book a sales gain of approximately NOK 10million as a consequence of the sale. In addition to the salesproceeds, Basefarm will pay down interest bearing debt to Schibstedof approximately NOK 55 million.Final closing of the transaction is conditional on approval of theNorwegian competition authorities.Basefarm is not considered strategic core activity for Schibsted.Schibsted continues the efforts to free up capital throughdivestments of operations that are not considered core activities.Basefarm is a leading supplier of business critical onlineapplication services. The company has operations in Norway and Swedenwith a total of 190 employees. Operating revenues in 2008 was NOK 208million and operating profits was respectively NOK 50 million(EBITDA) and NOK 17 million NOK 17 (EBITA).Contact person:Trond Berger, CFO. Tel: +47 916 86 695 Oslo, 27 November 2009 SCHIBSTED ASA Jo Christian Steigedal VP Investor RelationsThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 27.11.2009 - 08:02 Uhr
Sprache: Deutsch
News-ID 8926
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