The Spanish Competition Authority (CNMC) has informed Schibsted that it has decided to clear the transaction on the condition that SCM Spain implements a remedy to meet the concerns the CNMC had regarding the market shares in the professional part of the motor market in Spain.
The remedy is behavioural, and requires SCM Spain to grant a license to Autocasión Hoy S.A, a part of Vocento Group. The license is for two years and gives Autocasión Hoy S.A an exclusive right to commercialize the professional car section of Milanuncios. The license fee is not substantial and the license has a limited impact on the Schibsted synergies from the acquisition.
The acquisition was announced 13 February 2014, and it was filed with the Spanish Competition Authority (CNMC) on 24 April 2014.
Schibsted expects that the closing will take place in Q4 2014.