Schibsted Media Group has agreed with its Spanish partner Primerama to acquire their 23.77% of Anuntis Segundamano, the leading generalist, cars and real estate online classifieds company in Spain. After the transaction Schibsted will own 100 percent of Anuntis Segundamano.
Spain is a significant market for Schibsted Classified Media, and has been so since the acquisition of majority stakes in Anuntis Segundamano and InfoJobs in 2006. Schibsted has an option to buy the minority shares in Anuntis from 1 July 2013 at an independent market based valuation, and Primerama has the right the sell the shares to Schibsted. However the transaction is a result of a negotiated agreement between the parties. Through the negotiated agreement decoupled from the put/call exercise date, the parties avoid a time consuming process with an uncertain outcome. The Anuntis operation will be increasingly integrated with the rest of the Schibsted Classified Media operations as a consequence of Schibsted resuming full ownership.
The agreed price for the shares is EUR 69 million calculated on a debt free basis. In the light of market conditions, Schibsted regards the timing of the transaction as good, and the valuation to be fair. In the first five months of 2013, revenues of Anuntis declined 2% compared with the same period in 2012, in a very challenging Spanish market. The EBITDA margin remains strong at 25 percent.
David Gonzalez Castro will resign as CEO of Anuntis Segundamano as of 5 July 2013. “We express our thanks to David Gonzalez Castro for taking the company through a period with significant structural changes in the industry as well as major macroeconomic challenges in Spain. Anuntis has shown consistent growth despite adverse market conditions. Schibsted will now integrate the Anuntis sites completely into the growing Schibsted Classified Media family of online classifieds sites, applying our best practices and methodologies. In this way we will ensure the optimal long term value creation for Schibsted in Spain,” CEO Rolv Erik Ryssdal says.
Schibsted Classified Media’s operations in Spain include Anuntis Segundamano and InfoJobs.net (98.5% owned). Anuntis Segundamano operates.i.a. the following online classifieds sites:
– Segundamano.es, a leading generalist site. 27 million visits/month
– Coches.net, the leading car site. 6 million visits/month
– Fotocasa.es, jointly leading position in real estate. 10 million visits/month
Primerama/The Gonzalez family will retain a 23.77 percent stake in InfoJobs Brazil until 1 January 2017.