Eniro refines operations, divests InTouch in Norway
In step with the continued concentration of its business to digital, local search, Eniro is divesting the Norwegian B2B service InTouch. The sale will give rise to a capital gain of approximately SEK 30 M during the first quarter.
Eniro Norge AS today reached an agreement to sell InTouch to Link Mobility ASA. InTouch is a business-to-business service whose principal business revolves around the publication of company directories. The sale includes the brand and other intangible rights, customer agreements and personnel.
InTouch’s sales for the full year 2013 was approximately SEK 45 M, with an EBITDA contribution of approximately SEK 10 M. Link Mobility ASA will pay total consideration of approximately SEK 35 M. Cash consideration of approximately SEK 16 M will be paid in connection with transfer of possession, and the remaining SEK 19 M will be paid over a two-year period. Completion of the deal is expected to take place at the end of March 2014.
“The divestment of InTouch represents a continuation of our efforts to refine and concentrate our business to local search,” comments Johan Lindgren, President and CEO of Eniro. “Consolidation of the brand portfolio will contribute to more effective allocation of Eniro’s investment resources to the Company’s growth areas.”
For more information, please contact:
Johan Lindgren, President and CEO, Tel +46 8 553 310 01
Mattias Lundqvist, CFO, Tel +46 8 553 310 04
Cecilia Lannebo, Head of Investor Relations, Tel: +46 722 208 277, email: cecilia.lannebo@eniro.com
The information is such that Eniro AB (publ) is required to disclose in accordance with the Swedish Financial Instruments Trading Act and/or the Swedish Securities Market Act. The information was submitted for publication at 08.00 CET on March 11, 2014.
Eniro is a search company that aggregates, filters and organizes local information. Our growth is driven by users’ increasing mobility and multiscreen behavior, where we are at the forefront with modern technical solutions. For more than 100 years Eniro has helped people find local information and companies find customers. Today it is a multiscreen solution – our users search for information using their smart phones, tablets and desktops. This creates great business opportunities for us as the local search company. Mobile advertising is today the fastest growing part of Eniro’s business. Eniro is the local search engine. A smart shortcut to what you need, no matter where you are or where you are going.
Eniro is one of the largest search companies in the Nordic region and Poland. The company has approximately 2,800 employees and has been listed on NASDAQ OMX Stockholm since 2000. During 2013, Eniro’s revenues amounted to SEK 3,660 M and EBITDA was SEK 849 M. More than 80 percent of Eniro’s advertising revenues come from multiscreen channels. The company’s headquarters are located in Stockholm, Sweden. More on Eniro at www.enirogroup.com.
Eniro – Discover local. Search local.