Schibsted today announced that it has signed an agreement to acquire 9.99% of Finn.no AS (“FINN”) from Polaris Media ASA. Polaris has been a minority owner in FINN since its incorporation in 2000.
The total transaction value in the Agreement is NOK 2.5 billion on an equity basis.
Schibsted will settle the transaction by issuance of new Schibsted B-shares to Polaris.
Kristin Skogen Lund, CEO of Schibsted, comments:
“We are pleased to have reached this agreement with Polaris, ensuring full ownership and control of FINN. This is another step towards simplifying Schibsted’s structure and unlocking the company’s full potential, following the divestment of our news media operations to the Tinius Trust which was announced in December last year.”
Per Axel Koch, CEO of Polaris Media, comments:
“This brings our initial investment in 2000 of NOK 5 million in FINN to a new level whereby our shares are exchanged for shares in Schibsted for a total consideration of NOK 2.5 billion. Schibsted, being a listed company with many of the same attributes as FINN, enables us to continue our exposure to the sector at the same time while improving liquidity of our shareholding at a fair price which solidifies Polaris’ financial capability.”
Go to our Investor Relations page to read the full regulatory release
