Eniro divests its shares in Suomi24 Oy
6/30/2010 5:37 AM EST
Eniro has signed an agreement to divest its holding in Suomi24 Oy (S24) to Aller Media Oy and receives a total consideration of EUR 5.6m. Suomi24 is Finland’s largest social media, and has been a joint venture between Eniro Finland AB and Aller Media Oy since May 2008.
Eniro has agreed to sell its holding in S24, corresponding to 50% of all outstanding shares. The purchase price amounts to EUR 4.5m and including repayment of debt of EUR 1.1m, Eniro’s total consideration amounts to EUR 5.6m.
In 2009, S24 had sales amounting to EUR 3.3m and EBITDA equal to EUR 0.2m. The transaction will result in a capital gain for Eniro of approximately SEK 35m and will reduce the net debt by approximately SEK 50m. The transaction will be accounted for in the second quarter of 2010. S24 and Eniro will continue its partnership in Finland through a renewed cooperation agreement.
“We are very satisfied with having reached this solution. The divestment is a natural step following Eniro’s focus on its core business - to be everyone’s first choice in local search. Aller is a strong partner in Finland and we will continue our cooperation, but in another format”, says Jesper Kärrbrink, CEO of Eniro.
For more information:
Jesper Kärrbrink, CEO, +46 8 553 310 01
Jan Johansson, CFO, +46 8 553 310 15
Birgitta Henriksson, Acting Head of IR, +46 70 812 86 39
www.eniro.com
Eniro is the leading directory and search company in the Nordic media market. Eniro´s search database connects sellers to buyers and makes it easy to find people using Eniro´s distribution channels Online, Printed directories, Voice and mobile. Eniro has operations in Sweden, Norway, Finland, Denmark and Poland.
Eniro is listed on the Stockholm Stock Exchange and has some 5,000 employees. In 2009, revenues amounted to SEK 6,581 M, with EBITDA SEK 1,807 M.