All four existing shareholders of the Swedish real estate classifieds site Hemnet has accepted Schibsted’s offer to acquire Hemnet, and an agreement has been signed. The acquisition values Hemnet to SEK 1.5 billion (EV on a 100 percent basis), which is equal to the offer Schibsted made in May 2015.
Fastighetsbyrån and Svensk Fastighetsförmedling sell all of their shares to Schibsted (34 percent and 16 percent, respectively). Mäklarsamfundet sells 15 percent to Schibsted and keeps 10 percent. FMF (Fastighetsmäklarforbundet) sells 15 percent and keeps 10 percent. This implies that Schibsted will own 80 percent of the Hemnet shares.
The acquisition is subject to clearance by Swedish competition authorities (KKV). Schibsted is optimistic concerning the prospects of a clearance.
The transaction is expected to close within first half 2016.
In the first nine months of 2015, Hemnet had revenues of SEK 135 million and EBITDA of SEK 50 million. Hemnet invoice all real estate sellers directly for listings, and the sum on the invoice is split 50/50 between Hemnet and the realtors.
Trond Berger, EVP CFO. Mobile: +47 916 86 695
Oslo, 21 December 2015
Jo Christian Steigedal
Head of IR