Schibsted has entered into an agreement with the minority shareholders in Blocket concerning a purchase of 18.2% of the shares for SEK 297.2 million. This corresponds to an Enterprise Value (EV) of SEK 1 625 million and a relative valuation comparable to the purchase of Trader Classified Media. Payment for the shares will be done in Schibsted shares based on the closing price on Friday December 8th, NOK 222.50 per share. Following this transaction, Schibsted owns 100% of the shares in Blocket.
In relation to the transaction, Schibsted will reduce its holding of treasury shares with 1,202,182 to 2,373,622 shares. The shares will be transferred today.
One of the reasons for Schibsted to purchase the minority shares is to facilitate the use of the Blocket technology in other countries.
Contact person:
CFO Trond Berger, tel.: +47 91 68 66 95
Oslo, December 19th, 2006
SCHIBSTED ASA