Schibsted to spin off international online classifieds in IPO
18/09/2018 09:58
OSLO, Sept 18 (Reuters) - Media group Schibsted SBSTA.OL
will spin off its international online classified ads operations
in an initial public offering, the Norwegian company said on
Tuesday, sending its shares surging more than 10 percent.
While the existing firm will keep the Nordic classifieds
units and the company's newspapers, the new entity -
preliminarily named MPI - will have international operations in
countries including Germany, France, Brazil, Indonesia and
Thailand.
"MPI will be one of the global leaders in online
classifieds, fully equipped to achieve long-term growth with
high-profit margins," Schibsted said.
MPI will be headed by Schibsted Chief Executive Rolv Erik
Ryssdal, while Kristin Skogen Lund, head of the Confederation of
Norwegian Enterprise, will take the helm at the old company.
Schibsted will maintain a majority stake in the new firm at
the time of the listing, which is expected to take place in the
first half of 2019. It said it plans to remain a significant
owner over the long term.
Schibsted's 'A' shares were up 11.3 percent at 330.9
Norwegian crowns at 0833 GMT while its 'B' shares were up 14.4
percent at 306.5 crowns.
(Reporting by Terje Solsvik and Camilla Knudsen; editing by
Jason Neely)
((terje.solsvik@thomsonreuters.com; +47 918 666 70; Reuters
Messaging: terje.solsvik.thomsonreuters.com@reuters.net))