Schibsted has today finalized the acquisition of selected assets of Trader Classified Media as announced on the 7th of June 2006.
As regards to the Spanish and Latin American operations, Schibsted and the Spanish minority Shareholder Primerama have agreed to modify the existing agreements in certain aspects. After the adjustments to the agreement the purchase price paid by Schibsted for the acquisition is approximately EUR 553 million1. The total enterprise value as assumed by Schibsted will not be affected by the changes in the agreement.
Primerama acquires an additional 7% of the shares of Anuntis Segundamano Holdings, bringing their shareholding from 16% to 23%. The purchase price is based on the same valuation as Schibsted’s acquisition is based upon. In addition, Schibsted obtains a call option on 12% of the shares owned by Primerama starting in July 2009, and on the remaining shares starting in July 2013. Prior to the modifications of the agreement, Schibsted’s call option was exercisable from 2019. Primerama has put options on their shares until 2019. All options are exercisable at market value.
The changes in the agreement are intended to further strengthen involvement and cooperation with the local management of Anuntis Segundamano. The changes in holdings will not affect governance or consolidation of the Spanish and Latin American operations.
CFO Trond Berger, tel. +47 91 68 66 95
EVP Schibsted International Sverre Munck, tel. +47 91 68 66 99
Oslo, July 14th, 2006
1 Includes 100% of Trader Classified Media in France, 100% of Editoriale Secondamano (Italian activities), 100% of Trader Classified Media in Switzerland and 77% of Anuntis Segundamano Holdings (Spanish and Latin American activities). Anuntis Segundamano Holdings owns 60% of Infojobs