Eniro continues to streamline and posts capital gain
ET | Source:Eniro AB
Eniro continues to concentrate the company’s operations. The Norwegian web
search engine Kvasir.no is divested to Scandinavia Online AS, a company Eniro
owns jointly with Aller Media AS. The divestment will generate a capital gain.
Eniro Norge AS today signed an agreement to divest web search engine Kvasir.no
to Scandinavia Online AS (SOL), a company owned jointly with Aller Media AS. The
divestment comprises brands, domain names, search engines, IT platforms,
supplier agreements, distribution agreements and staff. Following the
divestment, Eniro Norge AS will continue to own 50.1% of SOL. The remaining
49.9% is owned by Aller Media AS.
The divestment of Kvasir.no to SOL will secure the continued streamlining of
Eniro, while enabling efficiency enhancements and cost synergies. Eniro will
continue to offer performance based media products and distribute ads at
kvasir.no. As compensation to SOL, Eniro will pay a cost (revenue share) for the
distribution. As a result of this structure, neither order intake nor the
revenues, which amounted to approximately SEK 25 M in 2012, will be affected in
SOL will pay an initial purchase consideration of SEK 19 M. The payment will be
made in cash on the transfer date, which is scheduled for January 2012. In
addition to payment of the purchase consideration on the transfer date, a
supplementary consideration may also be paid based on the company’s future
revenue trend. The divestment will generate a capital gain.
“The divestment of Kvasir enables us to continue to streamline and focus our
operations toward digital local search,” says Johan Lindgren, President and CEO
of Eniro AB. “A concentration of the company’s brand portfolio will enable us to
utilize Eniro’s development resources more effectively in the company’s growth
areas, while management can focus on operating and further developing the core
business,” says Johan Lindgren.
For more information, please contact:
Johan Lindgren, President and CEO, Tel: +46 8 553 311 14
Mattias Lundqvist, CFO, Tel: +46 8 553 310 04
Cecilia Lannebo, Head of Investor Relations, Tel: +46 722 208 277, e-mail:
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 December 20, 2012.
Eniro is the Nordic region’s largest local search company. 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 has approx. 3,500 employees in the Nordic region and Poland and has been
listed on Nasdaq OMX Stockholm since 2000. During 2011, Eniro’s revenues
amounted to SEK 4,323 M and EBITDA was
SEK 991 M. Headquarter is located in Stockholm, Sweden. More on Eniro at
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