Schibsted ASA, listed under SBSNF.PK, has entered into an agreement to purchase a 9.99% stake in Finn.no AS or FINN from Polaris Media ASA. The total value of the investment is set at 2.5 billion Norwegian Kroner, taking stock equity into account. To finalize this acquisition, Schibsted will release new B-shares to the seller. Since FINN's establishment in 2000, Polaris has held a minority stake in the company.
Kristin Skogen Lund, Schibsted's CEO, commented on the transaction saying, "This acquisition marks another step in the journey to simplify Schibsted's structure and leverage the company's full potential, particularly after we divested our news media operations to the Tinius Trust, as announced last December."
