Schibsted divests Basefarm

Schibsted ASA (SCH) , Published 27/11/2009 08:00:00

Schibsted has entered into an agreement to sell all its shares in the subsidiary Basefarm AS to Reiten & Co Capital Partners VII LP based on an enterprise value of NOK 255 million. The proceeds for Schibsted’s shares (69.4 % of Basefarm) are NOK 130 million. Schibsted expects to book a sales gain of approximately NOK 10 million as a consequence of the sale. In addition to the sales proceeds, Basefarm will pay down interest bearing debt to Schibsted of approximately NOK 55 million.
 
Final closing of the transaction is conditional on approval of the Norwegian competition authorities.
 
Basefarm is not considered strategic core activity for Schibsted. Schibsted continues the efforts to free up capital through divestments of operations that are not considered core activities.
 
Basefarm is a leading supplier of business critical online application services. The company has operations in Norway and Sweden with a total of 190 employees. Operating revenues in 2008 was NOK 208 million and operating profits was respectively NOK 50 million (EBITDA) and NOK 17 million NOK 17 (EBITA).
 
Contact person:
Trond Berger, CFO. Tel: +47 916 86 695
 
 
Oslo, 27 November 2009
SCHIBSTED ASA
 
Jo Christian Steigedal
VP Investor Relations