All four existing shareholders of the Swedish real estate classifieds site Hemnet have accepted Schibsted's offer to acquire Hemnet, and an agreement has been signed valuing Hemnet at SEK 1.5 billion (USD 180 million).
Fastighetsbyrån and Svensk Fastighetsförmedling sell all of their shares to Schibsted (34 percent and 16 percent, respectively). Mäklarsamfundet sells 15 percent to Schibsted and keeps 10 percent. FMF (Fastighetsmäklarforbundet) sells 15 percent and keeps 10 percent. This implies that Schibsted will own 80 percent of the Hemnet shares.
The acquisition is subject to clearance by Swedish competition authorities (KKV). Schibsted is optimistic concerning the prospects of a clearance.
The transaction is expected to close within first half 2016.
In the first nine months of 2015, Hemnet had revenues of SEK 135 million and EBITDA of SEK 50 million. Hemnet invoice all real estate sellers directly for listings, and the sum on the invoice is split 50/50 between Hemnet and the realtors.