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Investing.com -- Schibsted Marketplaces has finalized an agreement to sell Prisjakt to eEquity for approximately SEK 500 million.
The sale of Prisjakt, which has been on the market since 2024, was expected. In 2024, Prisjakt reported an EBITDA of approximately SEK 120 million. The deal, which values Prisjakt at around 4 times its EBITDA, is lower than anticipated, as predictions had suggested a multiple of 8.
Despite a lower than expected sale price, the deal is seen as a positive step for Schibsted Marketplaces. The company has been working to streamline its portfolio, focusing on Mobility, Real Estate, Jobs, and Recommerce. The sale of Prisjakt aligns with this strategy. The deal is expected to close in early June 2025, subject to regulatory approval.
Schibsted Marketplaces has indicated that any surplus cash from the sale will be returned to shareholders. Further details on this plan are expected to be discussed during the company’s Q1 results call.
While the SEK 500 million from the Prisjakt sale is a relatively small amount in the context of Schibsted Marketplaces’ overall investment case, it could contribute to cash returns in 2025. Other potential sources of cash returns could include funds from Adevinta, as part of the capital structure refinancing currently underway.
Barclays (LON:BARC) has commented on the situation, stating, "We view valuation as increasingly attractive."
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