Schibsted is said to be preparing to sell its financial services business, Lendo for up to €450 million ($458 million U.S.), according to a report by Bloomberg, citing individuals privy to the matter.

The news service said that Schibsted was working with Citigroup Inc. to gauge interest in Lendo.

Schibsted will begin formally soliciting bids from the fall, added the report.

Atle Lessum, director, head of Schibsted Group communications, told the AIM Group, “We have been open to the fact that we’re running a strategic review of Lendo aiming to maximize the company’s potential and value creation. The progress goes according to plan, and we expect to have more visibility on the outcome by the end of the year. Apart from that we do not wish to comment at this stage.”

Founded in Sweden in 2007, Lendo provides a marketplace for the price comparison of financial products. It has since expanded, first into the Nordics and then into other European countries, and is currently operating in Norway, Sweden, Finland, Denmark, Italy, Spain and Portugal.

It has also extended its product range, recently entering the areas of secured loans, mortgages and credit cards.

The sources quoted by Bloomberg tipped Lendo to attract interest from industry players as well as private equity funds.

Norway-based Schibsted dominates Nordic classifieds. Since spinning off its international classified businesses into Adevinta, Schibsted has been able to place more focus on driving revenue in the Nordic region.

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