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Schibsted ASA (SCH) - Schibsted and SPIR Communication have reached an agreement where Schibsted acquires all shares in Leboncoin.fr, and SPIR acquires all shares in Car & Boat Media

Nachrichtenquelle: GlobeNewswire
22.09.2010, 08:02  |  1097   |   |   


Schibsted and SPIR Communication has reached an agreement where Schibsted
acquires the remaining 50% of the shares in LeBoncoin.fr, the market leading
online classifieds site in France, from SPIR, and SPIR acquires Schibsted´s 50%
stake in Car & Boat Media. Car & Boat Media operates Lacentrale.fr and
Caradisiac.fr, which are the market leading automotive sites in France. The
agreement is subject to approval by competition authorities, and by consultation
with the working council in Car & Boat Media.

The agreement values Leboncoin.fr at EUR 400 million on a 100% basis. This
implies an EBITDA multiple based on expected earnings in 2010 of approximately
18. In first half 2010 the operating revenues were EUR 16 million, which implies
a growth of 122%. The EBITDA margin in first half 2010 was 59% compared to 42%
in first half 2009. In 2009 Leboncoin.fr had revenues of EUR 18 million and
EBITDA margin of 47%. The revenue growth rate for Leboncoin.fr for the full year
2010 is expected to be approximately 100%.

The agreed value of Car & Boat Media is EUR 120 million on a 100% basis, which
implies an EBITDA multiple based on expected earnings in 2010 of approximately
9. Car & Boat Media had a growth rate in first half 2010 of 20%. In 2009, C&B
had revenues of EUR 38 million and an EBITDA margin of 29%.

Schibsted and SPIR will continue the cooperation within real estate classifieds
between Leboncoin.fr and Logic-immo.com. Also, the 50/50 joint venture in 20
Minutes, the most read newspaper in France, continues unchanged.

- To increase our ownership in Leboncoin.fr is of vital strategic value for
Schibsted. The company has a strong growth profile combined with operating
margins exceeding 50% only four years after it was launched. Leboncoin.fr is
among the largest online sites in France, and one of the strongest online
classifieds sites in Europe. By taking full control of the company, we
strengthen the opportunity not only to develop the site, but also to use the
tremendous market position to develop new online business in the exciting French
market, Rolv Erik Ryssdal, CEO of Schibsted states.

- It is fundamental for Schibsted to utilize the Group´s joint strengths and
capabilities across the 26 countries in which we are present. Having full
control over Leboncoin.fr is important in this respect, Rolv Erik Ryssdal says.

Leboncoin.fr is a top 10 site in France, measured by unique visitors per month,
and it is top 5 in terms of page views. Leboncoin.fr is the third largest
classifieds/auction site in Europe, only trailing Ebay.de and Ebay.co.uk.
Leboncoin.fr is around four times larger than Ebay.fr, measured by page views.

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Schibsted ASA (SCH) - Schibsted and SPIR Communication have reached an agreement where Schibsted acquires all shares in Leboncoin.fr, and SPIR acquires all shares in Car & Boat Media Schibsted and SPIR Communication has reached an agreement where Schibsted acquires the remaining 50% of the shares in LeBoncoin.fr, the market leading online classifieds site in France, from SPIR, and SPIR acquires Schibsted´s 50% stake in Car …