An agreement has been signed, and the acquisition values Hemnet to SEK 1.5 billion, which is equal to the offer Schibsted made in May 2015.
Fastighetsbyrån and Svensk Fastighetsförmedling sell all of their shares to Schibsted (34 percent and 16 percent, respectively). Mäklarsamfundet sells 15 percent to Schibsted and keeps 10 percent. FMF (Fastighetsmäklarforbundet) sells 15 percent and keeps 10 percent. This implies that Schibsted will own 80 percent of the Hemnet shares.
“We are very pleased that all the owners chose Schibsted. Together with the realtors we will keep developing Hemnet and make it even easier to buy and sell homes,” says Raoul Grünthal, CEO of Schibsted Sverige.
The acquisition is subject to clearance by Swedish competition authorities (KKV). Schibsted is optimistic concerning the prospects of a clearance.
Schibsted has also entered into an agreement with the property portal BoVision. This gives BoVision the right to license Blocket‘s existing activities with estate agents on Blocket Bostad, providing the Swedish Competition Authority clears Schibsted’s acquisition of Hemnet.
The transaction is expected to close within the first half of 2016.
In the first nine months of 2015, Hemnet had revenues of SEK 135 million and EBITDA of SEK 50 million.
Trond Berger, EVP CFO. Mobile: +47 916 86 695