Schibsted Media Group has received an offer from the Belgian press group Rossel to acquire Schibsted's 49.3 percent share stake in 20 Minutes France.
Schibsted is now entering a phase of exclusive negotiation. If agreement on terms is reached, the deal is subject to a standard approval process with the French Competition Authorities. The transaction is estimated to close around October 2015.
"If the deal goes through we strongly believe that Rossel will be a good new shareholder for 20 Minutes in France. Rossel is a major player in news media in Belgium, with solid presence in France ; it shares the same publishing values as Ouest France, 20 Minutes' other reference shareholder, and as such gives 20 Minutes a perspective of continuity. Over the last 13 years, Ouest France proved a solid and trustworthy partner in 20 Minutes; we wish them all the best for the future," says Pierre-Francois Marteau, Senior Vice President of Strategy at Schibsted and former Chair of the Board at 20 Minutes France.
20 Minutes France had revenues of EUR 46.5 million and EBITDA of EUR 0.9 million in 2014 on a 100% basis. Based on indicative terms Schibsted will register a small accounting gain.
