Schibsted becomes sole owner of Blocket
AFP/The Local - [email protected]
Published: 19 Dec, 2006 CET.
Updated: Tue 19 Dec 2006 15:49 CET
Norwegian media giant Schibsted ASA said on Tuesday it has agreed a deal with minority shareholders in Sweden's Blocket AB to acquire the remaining 18.2 percent of the company. The price tag will be 297.2 million Swedish kronor.
This corresponds to an Enterprise Value of 1.625 billion kronor, Schibsted said, and a relative valuation comparable to the purchase of Trader Classified Media.
Blocket is Sweden's largest classified advertising site and one of Scandinavia's most popular web sites.
The Norwegian media group said payment for the shares will be made in its own shares, and will be based on the closing price on December 8th, of 222.50 Norwegian kronor per share.
Following this transaction, Schibsted will own 100 percent of the shares in Blocket.
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This corresponds to an Enterprise Value of 1.625 billion kronor, Schibsted said, and a relative valuation comparable to the purchase of Trader Classified Media.
Blocket is Sweden's largest classified advertising site and one of Scandinavia's most popular web sites.
The Norwegian media group said payment for the shares will be made in its own shares, and will be based on the closing price on December 8th, of 222.50 Norwegian kronor per share.
Following this transaction, Schibsted will own 100 percent of the shares in Blocket.
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