On Friday morning, it will be known that Schibsted will take over the last 9.9 percent of Finn.no. The takeover takes place by Polaris Media selling the shares to Schibsted. The transaction values the shareholding at NOK 2.5 billion.
– We are pleased to have reached this agreement with Polaris, which ensures full ownership and control of Finn. This is another step towards simplifying Schibsted’s structure and unlocking the company’s full potential, following the sale of our news media operations to the Tinius foundation which was announced last December, says CEO Kristin Skogen Lund in a message.
Also read: Plans to split Schibsted in two – Stiftelsen Tinius will buy the news media
Polaris Media has been a minority shareholder in Finn.no since 2000. At that time, the investment was only NOK five million. The CEO is satisfied that Polaris Media will now become a shareholder in Schibsted
– This takes our original investment in 2000 to a new level where our shares are exchanged for shares in Schibsted for a total consideration of NOK 2.5 billion, says the CEO Per Axel Koch in Polar’s Media.
The transaction is carried out by Polaris Media subscribing for B shares in Schibsted for NOK 2.5 billion through a private placement.’
– Schibsted, which is a listed company with many of the same characteristics as Finn, makes it possible for us to continue our exposure to the sector while improving the liquidity of our shareholding at a fair price that strengthens Polaris’ financial capacity, says Koch.
The editors recommend
Premium
