On April 10 2019 Adevinta – Schibsted’s international marketplaces – was introduced at the Norwegian stock exchange as a separate company. The process started when Schibsted’s Board of directors decided to initiate a process to reorganize the company into two growth-oriented companies in 2018. Schibsted and Adevinta will together bring more value to both companies’ users, customers, employees and shareholders over the long term.
These two new growth companies will pursue independent agendas to further increase speed, focus and ability to scale. All marketplaces operations outside of the Nordics are now established in the independent, listed company Adevinta. Schibsted will continue to be a company of leading digital consumer brands with footprints in the Nordics, comprising the media and growth companies in Norway and Sweden as well as the marketplaces Finn in Norway, Blocket in Sweden, and Tori in Finland.
Schibsted will retain majority ownership ( 60 %) in Adevinta, and intends to remain a long term active owner.
This change represents an important strategic step forward for Schibsted, as it allows the two new entities to set out their best strategic courses individually. Schibsted will optimize its value creation for shareholders, society, customers and employees by continuing to invest in digital consumer services on the one hand and active participation in the development of the international online classifieds industry on the other. Schibsted has a history of utilizing new technology, creating new services, developing new markets with potential for significant value creation and adapting to rapidly changing markets. These values will remain at the core of both Schibsted and Adevinta.
Although Schibsted plans to retain a significant ownership position in Adevinta, the new, separately listed company will have a simplified governance structure with no ownership or voting limitations. Initially Adevinta will inherit Schibsted ASA’s structure with A- and B-shares carrying different voting. However, Schibsted as a majority owner will support an amalgamation into only one share class in due course. The new company will be well equipped to play an active role in any structural development of the online classifieds industry.