Aspiro and Schibsted Mobile merge — MobileMonday Global: Industry News

^{Schibsted becomes majority owner of Aspiro} Aspiro and Schibsted Mobile merge

18 Feb 2005 at 04:36 GMT Timo Poropudas

Mobile content producer Aspiro has signed an agreement with the media group Schibsted to merge Aspiro with Schibsted Mobile (Inpoc), a supplier of mobile services. The merger means that Aspiro acquires all shares in Schibsted Mobile.

The merger will almost double Aspiro in size. Schibsted Mobile’s net revenues in 2004 were SEK 170 million and the operating profit before depreciation and amortisation was SEK 5.8 million. The company has a strong financial position and net cash of approximately SEK 41 million.

The merger will strengthen Aspiro’s position within the mobile content services market in Norway and Sweden and establish the company as a leading player in Denmark and the Baltics. Aspiro will also get access to one of the strongest brands in the Nordic countries – Inpoc – and strengthen its position within the segment own channels.

Aspiro will pay for Inpoc with its own shares and this will give Schipsted 41.6 percent of Aspiro shares after the acquisition has been carried out. Before the transaction, Schibsted’s holding is 5,400,000 shares in Aspiro. Schibsted and its subsidiaries thereby become the new principal owner in Aspiro with a holding of 44.5 percent.

Schibsted has received a two-year exemption from mandatory bids from the Swedish Securities Council.

The acquisition is conditional upon the decision of the Extraordinary General Meeting in Aspiro on March 22 to issue shares in Aspiro to Schibsted. Several of Aspiro’s shareholders have committed to vote in favor of the proposed transaction. The closure of the transaction is to take place in connection with the Extraordinary General Meeting.

Johan Lenander will continue to lead the company as Acting chairman of the Board. Aspiro’s present CEO, Erik Hansen, will continue as CEO for the new group until the summer 2005. The board of directors will shortly start a recruitment process for a new CEO.