The Norwegian competition authority has approved of the merger of Eniro Norge AS (STO:ENRO) with the low-price challenging brand, 1888. The merger will give rise to consolidation of the Norwegian market for directory assistance services.
As previously announced in a press release on February 1, 2013, Eniro has entered into an agreement concerning the merger with the Norwegian directory assistance service 1888. The merger was subject to approval by the competition authority. The competition authority has now accepted the transaction, whereby a definitive agreement has been reached.
Following the merger, Eniro will control 60% of the joint operations, while the owners of 1888 will control the remaining 40%. The transaction as such will not impact cash-flow and will not generate any capital gain impact. No purchase consideration arose.
The merger contributes to consolidating a market for directory assistance services. The agreement enables efficiency improvements and cost synergies. The transaction is expected to increase Eniro’s revenues with some SEK 50 M and EBITDA with some SEK 20 M on an annual basis.
Eniro is the local search engine. A clever shortcut to what you need, home or away. Both consumers and companies can use Eniro’s services to easily locate where to buy services and products – regardless of whether the channel is internet, catalog or mobile. Advertisers can actively market themselves to interested consumers, find new customers and increase sales.
Eniro is one of the largest search companies in the Nordic region and Poland. The company has approx. 3,200 employees in the Nordic region and Poland and has been listed on Nasdaq OMX Stockholm since 2000. During 2012, Eniro’s revenues amounted to SEK 3,999 M and EBITDA was SEK 976 M. Headquarters are located in Stockholm, Sweden. More on Eniro at www.eniro.com
Eniro – Discover local. Search local.
The information is such that Eniro AB (publ) is required to disclose in accordance with the Swedish Financial Instruments Trading Act and/or the Swedish Securities Market Act. The information was submitted for publishing at 08:00 a.m. on February 26, 2013.
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