Schibsted ASA (SCH) - Update on the process to acquire Hemnet

Reference is made to Schibsted's announcement of a conditional offer to acquire the Swedish online real estate vertical Hemnet, made 8 May 2015. The offer valued Hemnet at SEK 1.5 billion.

In the period since the launch of the offer, Schibsted has been in close and detailed discussions with each of the shareholders of Hemnet.

Schibsted has been identified as the preferred buyer by shareholders with 75 percent of the shares in Hemnet. Swedbank and Svensk Fastighetsförmedling, who combined owns 50 percent of the shares in Hemnet, agreed to sell to Schibsted in May 2015. The two realtor organisations Fastighetsmäklarförbundet (FMF) and Mäklarsamfundet, who owns 25 percent each, have gone through internal processes. Mäklarsamfundet resolved on an annual meeting 19 November to advise its Board to finalize an agreement to sell to Schibsted. Mäklarsamfundet has expressed desire to remain as a 10 percent shareholder in Hemnet, which Schibsted looks positively upon. Schibsted has a continued positive dialogue with FMF.

The acquisition is conditional on due diligence, which is expected to conclude within the coming few weeks, and subject to clearance by Swedish competition authorities (KKV). Schibsted is optimistic with regards to the prospects of a clearance.

The transaction is expected to close within first half 2016.

As of Q3 2015, Hemnet had revenues of SEK 135 million and EBITDA of SEK 50 million.

Contact person:
Trond Berger, CFO. Mobile: +47 916 86 695

Oslo, 19 November 2015
SCHIBSTED ASA

Jo Christian Steigedal
Head of IR