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Eniro AB Continues to Streamline Operations


Thursday, 20 Dec 2012 02:00am EST 

Eniro AB (Eniro) announced that it continues to concentrate the Company’s operations. The Norwegian web (website) search engine Kvasir.no is divested to Scandinavia Online AS, a company Eniro owns jointly with Aller Media AS. The divestment will generate a capital gain. Eniro Norge AS has signed an agreement to divest web search engine Kvasir.no to Scandinavia Online AS (SOL), a company owned jointly with Aller Media AS. The divestment comprises brands, domain names, search engines, IT platforms, supplier agreements, distribution agreements and staff. Following the divestment, Eniro Norge AS will continue to own 50.1% of SOL. The remaining 49.9% is owned by Aller Media AS. The divestment of Kvasir.no to SOL will secure the continued streamlining of Eniro, while enabling efficiency enhancements and cost synergies. Eniro will continue to offer performance based media products and distribute ads at kvasir.no. As compensation to SOL, Eniro will pay a cost (revenue share) for the distribution. As a result of this structure, neither order intake nor the revenues, which amounted to approximately SEK 25 million in 2012, will be affected in 2013. SOL will pay an initial purchase consideration of SEK 19 million. The payment will be made in cash on the transfer date, which is scheduled for January 2012. In addition to payment of the purchase consideration on the transfer date, a supplementary consideration may also be paid based on the company’s future revenue trend. 

Company Quote

20.52
0.46 +2.29%
22 Aug 2014