Schibsted announced on 11 May 2017 an agreement to acquire Telenor’s 25% of OLX Brazil and 50% of Yapo.cl in Chile as well as the divestment of the 33.3% ownership stake in 701 Search to Telenor. 701 Search is the company that controls Mudah in Malaysia, Cho Tot in Vietnam and operations in Myanmar.
The transactions closed on 30 June 2017, and Schibsted owns after this 50% of OLX Brazil and 100% of Yapo.cl.
Gains of approximately NOK 1.3 billion will be recognized in the consolidated financial statements of Schibsted for Q2 2017, related to gain on sale of 701 Search and gain on remeasurement of previously held ownership interest in the Chilean operation. The amount will be reported on the “Other income and expenses” line in the consolidated income statement.
The transaction implies a cash payment to Telenor of USD 400 million. Schibsted has financed the amount with debt.
For further information, please refer to stock exchange releases 11 May and 16 May 2017.
Trond Berger, CFO. Tel: +47 916 86 695
Jo Christian Steigedal, Head of IR. Tel: +47 415 08 733
Oslo, 30 June 2017
Jo Christian Steigedal
Head of IR