Schibsted, the Norwegian marketplace operator, has signed an agreement to purchase a 9.99% stake in the marketplace horizontal Finn.no from Polaris Media ASA, leveraging its position in the Norwegian digital marketplace sector. This acquisition aligns with Schibsted’s efforts to streamline the company’s structure after it divested its news media operations to the Tinius Trust. Kristin Skogen Lund, CEO of Schibsted, remarked that the agreement with Polaris is a strategic step towards gaining full ownership and control of Finn.no, expressing confidence that this consolidation is critical for unlocking Schibsted’s full potential. Polaris Media’s CEO, Per Axel Koch, hails the deal as a transformative milestone, turning an initial investment of NOK 5 million in 2000 to an equity exchange valued at NOK 2.5 billion ($227 million U.S.), granting Polaris continuous exposure to the sector while enhancing liquidity and reinforcing the company’s financial strength. The issuance of new Schibsted B-shares to Polaris as settlement reflects a symbiotic fusion of interests, with both entities staying invested in the marketplace domain. Schibsted’s financial stability and strategic maneuvers become particularly pertinent as they coincide with the announcement of its Q1 2024 financial results published on the same day, April 26.

Marketplace Operators, Media, Digital Platforms,Norway

https://aimgroup.com/2024/04/26/schibsted-to-acquire-9-99-of-finn-from-polaris/