Published 2022-12-01

Schibsted sells Adevinta shares

In two stock exchange releases yesterday afternoon, Schibsted announced  that the company is selling almost 24.5 million shares in Adevinta, corresponding to approximately two percent of Adevinta’s issued shares.

Schibsted CEO Kristin Skogen Lund

In addition, the company enters into a so called total return swap (TRS) of around 3 percent of Adevinta’s issued shares. In a TRS agreement, the person/company who disposes of the value will receive dividends on the item at the same time as they will be exposed to any increase – or decrease – in value that the item may have during the period.

Schibsted reports that the proceeds from the capital allocation will be used to reduce the company’s net interest-bearing debt, and to initiate a buyback program of up to 4 percent of the company’s shares.

You can find the stock exchange announcements under “Regulatory Releases” here