Schibsted ASA (SCH) - Milanuncios.com acquisition cleared by the Spanish Competition Authority

Monday, 24. November 2014 07:30

Reference is made to the announcement of 30 September 2014 regarding expected closing of the acquisition of Milanuncios.com, a Spanish online classifieds site. The acquisition was announced 13 February 2014, and it was filed with the Spanish Competition Authority (CNMC) on 24 April 2014.

CNMC has informed Schibsted that it has decided to clear the transaction on the condition that SCM Spain implements a remedy to meet the concerns the CNMC had regarding the market shares in the professional part of the motor market in Spain.

The remedy is behavioural, and requires SCM Spain to grant a license to Autocasión Hoy S.A, a part of Vocento Group. The license is for two years and gives Autocasión Hoy S.A an exclusive right to commercialize the professional car section of Milanuncios. The license fee is not substantial and the license has a limited impact on the Schibsted synergies from the acquisition.

Schibsted expects that the closing will take place in Q4 2014.

Contact person:
Trond Berger, CFO. Tel: +47 916 86 695

Oslo, 24 November 2014
SCHIBSTED ASA

Jo Christian Steigedal
VP Investor Relations

 

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.



This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Schibsted via Globenewswire

HUG#1873491
Related Links: Schibsted ASA
Author:
Copyright GlobeNewswire, Inc. 2016. All rights reserved.
You can register yourself on the website to receive press releases directly via e-mail to your own e-mail account.