STOCKHOLM--(BUSINESS WIRE)--Regulatory News:
In line with the continued concentration of its business to digital, local search, Eniro is selling its shares in Scandinavia Online AS (50.1%) to the Norwegian part-owner Aller Media AS. The sale will give rise to a capital gain of approximately SEK 30 M during the first quarter.
Eniro Holding AS today reached an agreement to sell its shares in Scandinavia Online AS (SOL) to the company’s part-owner, Aller Media AS. SOL is an internet portal that operates the sol.no start page and the kvasir.no web search service.
For 2013 Eniro’s revenue from SOL amounted to approximately SEK 30 M and EBITDA to approximately SEK 5 M. Aller Media AS will pay total consideration of approximately SEK 50 M for Eniro’s 50.1% ownership in the company. Consideration will be paid in cash in connection with the transfer of the business at the end of March 2014.
“The divestment of Scandinavia Online AS represents a continuation of our efforts to refine and concentrate our business to digital, local search,” comments Johan Lindgren, President and CEO of Eniro. “Consolidation of the brand portfolio will contribute to more effective allocation of Eniro’s investment resources to the Company’s growth areas.”
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 publication at 08.00 CET on March 28, 2014.
Eniro is a search company that aggregates, filters and organizes local information. Our growth is driven by users’ increasing mobility and multiscreen behavior, where we are at the forefront with modern technical solutions. For more than 100 years Eniro has helped people find local information and companies find customers. Today it is a multiscreen solution – our users search for information using their smart phones, tablets and desktops. This creates great business opportunities for us as the local search company. Mobile advertising is today the fastest growing part of Eniro’s business. Eniro is the local search engine. A smart shortcut to what you need, no matter where you are or where you are going.
Eniro is one of the largest search companies in the Nordic region and Poland. The company has approximately 2,800 employees and has been listed on NASDAQ OMX Stockholm since 2000. During 2013, Eniro’s revenues amounted to SEK 3,660 M and EBITDA was SEK 849 M. More than 80 percent of Eniro’s advertising revenues come from multiscreen channels. The company’s headquarters are located in Stockholm, Sweden. More on Eniro at www.enirogroup.com.
Eniro – Discover local. Search local.
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