Scandinavia Online (SOL) AS has agreed to sell SOL System AS to InfoStream ASA. The aquisition is to be settled by NOK 20.6 million in cash and 8,967,391 shares in InfoStream. This makes SOL AS to the largest shareholder in InfoStream ASA with a holding of some 14%.
SOLs gain will be appr. NOK 70 million based on a shareprice of NOK 6.90. Schibsteds ownership share of SOL is 54.5%.
The acquisition will be accounted as a purchase and is expected to close in November. The acquisition has been approved by the boards of directors of InfoStream and Scandinavia Online AS.
The consummation of the transaction is conditional upon inter alia the parties agreeing on a final share purchase agreement, satisfactory due diligence and the entering into of a long term agreement between SOL System AS and Scandinavia Online AS.