Eniro divests its shares in Suomi24 Oy

Eniro divests its shares in Suomi24 Oy

Eniro has signed an agreement to divest its holding in Suomi24 Oy (S24)
to Aller Media Oy and receives a total consideration of EUR 5.6m.
Suomi24 is Finland's largest social media, and has been a joint venture
between Eniro Finland AB and Aller Media Oy since May 2008.

Eniro has agreed to sell its holding in S24, corresponding to 50% of all
outstanding shares. The purchase price amounts to EUR 4.5m and including
repayment of debt of EUR 1.1m, Eniro's total consideration amounts to
EUR 5.6m.

In 2009, S24 had sales amounting to EUR 3.3m and EBITDA equal to EUR
0.2m. The transaction will result in a capital gain for Eniro of
approximately SEK 35m and will reduce the net debt by approximately SEK
50m. The transaction will be accounted for in the second quarter of
2010. S24 and Eniro will continue its partnership in Finland through a
renewed cooperation agreement.

“We are very satisfied with having reached this solution. The divestment
is a natural step following Eniro's focus on its core business - to be
everyone's first choice in local search. Aller is a strong partner in
Finland and we will continue our cooperation, but in another format”,
says Jesper Kärrbrink, CEO of Eniro.

 

 

 

For more information:
Jesper Kärrbrink, CEO, +46 8 553 310 01
Jan Johansson, CFO,  +46 8 553 310 15
Birgitta Henriksson, Acting Head of IR, +46 70 812 86 39

www.eniro.com (http://www.eniro.com)