Schibsted ASA (SCHA/SCHB) - Schibsted to spin off and IPO international online classifieds

The Board of directors of Schibsted ASA has today resolved to initiate a process to reorganize the company into two growth-oriented companies. The international online classifieds operations (preliminarily named "MPI") will be spun off and established as an independent, listed company. Schibsted, meanwhile, will comprise all activities in Norway, Sweden and Finland - including Finn.no, Blocket.se and Tori.fi.

Schibsted will retain a majority ownership in MPI at the time of the listing. Schibsted intends to remain an active, significant long-term owner in MPI, and the size and time horizon of Schibsted's ownership will be tailored to support and develop shareholder value for both companies. MPI will be one of the global leaders in online classifieds, fully equipped to achieve long term growth with high profit margins.

Schibsted will continue to invest, building on its footprints in the Nordics. Schibsted's strong track record, competence and market positions constitute a solid platform for innovation. In this connection, the Board has concluded the strategic review of Lendo and decided that the company will continue as a fully-owned entity, constituting a driving force in our cluster of personal finance-related operations.

The Board has appointed Rolv Erik Ryssdal as the new CEO of the MPI. As the new CEO of Schibsted ASA, the board has appointed Kristin Skogen Lund.
 
The spin-off of MPI will be done primarily as a demerger. The shares are expected to start trading in 2019.

Strategic background

The proposed transaction represents an important strategic step forward for Schibsted, as it allows the two new entities to set out their best strategic courses individually. Schibsted will optimize its value creation for shareholders, society, customers and employees by continuing to invest in digital consumer services on the one hand and active participation in the development of the international online classifieds industry on the other. Schibsted has a history of utilizing new technology, creating new services, developing new markets with potential for significant value creation and adapting to rapidly changing markets. These values will remain at the core of both Schibsted and MPI.