Eniro completes acquisition of Findexa
The search company Eniro today became the owner of all shares in the Norwegian company Findexa. Through the acquisition of Findexa, Eniro strengthens its position in local search in the Nordic region.
Eniro’s existing Norwegian operations will be merged with operations in Findexa, whereby the combined Eniro Norway will attain a leading position with attractive offerings in directories, Internet services, mobile services and directory assistance services.
Wenche Holen, 40, has been appointed President of Eniro Norway. Wenche Holen most recently held the position of Chief Operating Officer of Findexa, where she has been active since 1994. Hans Petter Terning, 38, has been appointed executive vice president and manager for online operations. Hans Petter Terning was previously President of Eniro Norway. Cornel Riklin, formerly President of Findexa, will be at the company’s disposal for the next three months.
The acquisition of Findexa will strengthen Eniro’s position as the leading search company in the Nordic media market. The combined Eniro Group will have strong positions in Sweden, Norway, Finland, Denmark and Poland. The acquisition will result in certain cost benefits. The assessment is that the merger in Norway will result in annual synergies of some SEK 100 M and that these can be realized in an amount of SEK 50 M in 2006 and fully as of 2007.
“I am pleased to note that the acquisition is now complete and that I can welcome all of Findexa’s employees and customers to the Eniro Group. I have great hopes that the different operations will be able to learn from each other and create added value by applying best practices. Integration work will begin immediately and be led by Eniro Norway’s new President Wenche Holen, who I have great confidence in,” says Tomas Franzén, President and CEO of Eniro.
Findexa will be consolidated in the Eniro Group as of December 5, 2005. Integration work is expected to be completed by the summer of 2006. Further information on the merger will be available in conjunction with Eniro’s year-end report on February 14, 2006.
Payment to Findexa shareholders
· The results of the mix-and-match alternative are expected to be announced in a press release on December 8, 2005.
· Payment for Findexa shares, in the form of Eniro shares and cash, is expected to be paid as soon as practicable after December 9, 2005 and in any event will be paid no later than December 15, 2005. Shareholders will additionally receive interest of NOK 0.0032 per Findexa share, reflecting the interest earned on the cash held for the benefit of shareholders since December 5, 2005.
· Shareholders on December 2, 2005 are eligible for a dividend that relates to the fourth quarter of 2005 up until December 5, 2005 and will amount to NOK 0.52 per share. This dividend will be paid not later than December 15, 2005. The last day of trading Findexa shares was December 2, 2005.