Schibsted Ends Plan to Buy Real-Estate Site as Regulator Objectsby
Plan to buy Swedish website Hemnet was announced last year
Company will ‘consider other alternatives in the market’
Schibsted ASA, the Norwegian media company, terminated its plan to purchase the real-estate website Hemnet after Swedish antitrust regulators refused to approve the transaction.
Oslo-based Schibsted said in a statement on Thursday that it offered remedies to address the concerns raised by the Swedish Competition Authority but it has been informed that the deal won’t be cleared in its current form. The agreement with Hemnet was reached in December, and Schibsted said in May that regulators took a negative view to the deal.
“Schibsted still considers the Swedish real-estate market to be attractive, and will now consider other alternatives for its presence in the market,” the company said.
The company, which operates classifieds sites in 20 countries, said it will continue to build its presence in industry verticals. “An active approach to M&A will continue to be an essential part of this strategy,” Schibsted said.
Schibsted shares rose 2 percent to 249.7 kroner as of 4:09 p.m. in Oslo.