QXL.COM PLC ACQUIRES BIDLET AB, Published 27/03/2000 10:30:00

QXL.com plc has entered into an agreement to acquire 50,4% of the shares in Bidlet AB including Aftonbladet’s 12% ownership. QXL is planning to offer to buy the remaining shares in Bidlet. Payment will be in the form of shares in QXL.

The agreement is subject to approval from QXL’s general assembly planned in June.

Aftonbladets venture company, Hierta Venture, owns 12% of Bidlet (slightly less than 10% on a fully diluted basis). Aftonbladet’s gain net of expenses will amount to approx. SEK 370 mill. based on QXL’s closing share price on Friday March 24. The gain will be recorded in the 2nd quarter and will be consolidated on a 100% basis in Schibsted’s accounts.