QXL.com plc has entered into an agreement to acquire 50,4% of the shares in Bidlet AB including Aftonbladets 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 QXLs general assembly planned in June.
Aftonbladets venture company, Hierta Venture, owns 12% of Bidlet (slightly less than 10% on a fully diluted basis). Aftonbladets gain net of expenses will amount to approx. SEK 370 mill. based on QXLs 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 Schibsteds accounts.