Marketplace operator Schibsted has signed an agreement to acquire 9.99% of Norway-based marketplace horizontal from Polaris Media ASA, according to a Schibsted press release.

Polaris has been a minority shareholder in Finn since its incorporation in 2000. Both Schibsted and Polaris are based in Norway.

The total transaction value in the agreement is NOK2.5 billion ($227 million U.S.) on an equity basis. Schibsted will settle the transaction by issuing new Schibsted B-shares to Polaris.

Schibsted CEO Kristin Skogen Lund said: “We are pleased to have reached this agreement with Polaris, ensuring full ownership and control of Finn. This is another step towards simplifying Schibsted’s structure and unlocking the company’s full potential, following the divestment of our news media operations to the Tinius Trust, which was announced in December last year.”

Per Axel Koch, CEO of Polaris Media, added, “This brings our initial investment in 2000 of NOK5 million in Finn to a new level whereby our shares are exchanged for shares in Schibsted for a total consideration of NOK2.5 billion. Schibsted, being a listed company with many of the same attributes as Finn, enables us to continue our exposure to the sector, at the same time while improving liquidity of our shareholding at a fair price, which solidifies Polaris’ financial capability.”

The deal was announced on the same day (Apr. 26) that Schibsted published its financial results for Q1 2024.

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