Business News

Schibsted ASA (SCH) – Schibsted Media Group increases the ownership in the growth company Lendo

Wednesday 17. November 2010 - Schibsted Tillväxtmedier, a Swedish subsidiary of Schibsted Media Group, has acquired 46 per cent of Lendo AB, and holds after this 97 per cent of the company. Lendo is the leading market place for consumer loans in Sweden.

The acquisition price (EV) for 46 per cent of the shares is SEK 92 million.
Schibsted Tillväxtmedier first took a stake in Lendo in 2009, and the development since has been very positive. The company had in the first nine months of 2010 revenues of close to SEK 40 million, a growth of 250 per cent compared to the same period in 2009.
The CEO and co founder of Lendo, Dennis Ahlsén and the marketing director, Jonas Hultin, will remain shareholders, with a combined 3 per cent stake.
– The acquisition of Lendo is part of Schibsted Tillväxtmedier’s focus on broad consumer oriented services. The product portfolio of Lendo will be developed further in rapid pace during the years to come, Raoul Grünthal, CEO of Schibsted Sverige, says.
Schibsted Tillväxtmedier consists of internet oriented growth companies, and operates in among other things travel, price comparison, market place for electrical power and dating – in addition to financial services. Schibsted Tillväxtmedier has grown into a success in Sweden, and the strategy is being exported to Norway, where a corresponding company, Schibsted Vekst, was established during the autumn 2010.