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Eniro to buy Norwegian directory company

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18:53 CEST+02:00
The search and directory company Eniro is to buy its Norwegian equivalent Findexa in a deal worth 10.6 billion kronor. The agreement could lead to redundancies, primarily in Norway.

Eniro was previously the catalogue company belonging to the telecommunications company Telia. The company is now listed on the stock exchange and its internet operation has grown quickly while the catalogue business has a weaker future.

The company has decided to strengthen its position outside of Sweden and the deal with Findexa is a step on that road.

"This purchase is completely in line with our strategy," said the managing director of Eniro, Tomas Franzén.

"And with Findexa in the Eniro group, we are absolutely the leading player in the Nordic countries."

Eniro's bid has already been approved by Findexa's majority owner, Texas Pacific Group, which controls 61% of the company's shares. The deal must be approved at an extraordinary general meeting at Eniro since part of the payment will be in newly issued Eniro shares.

The acquisition must also be approved on the island of Jersey, where Findexa is legally based, and by the Norwegian competition authority.

The new company will have 5,600 employees. The combined turnover of the two companies last year was 6.5 billion kronor.

One of the reasons behind the purchase was Eniro's hope that it will be able to make cost savings of around 100 million kronor from 2007 onwards, as a consequence.

TT/The Local

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