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Schibsted acquires majority in leading Irish online classifieds site

Schibsted Media Group has agreed to acquire 50.09 per cent of DoneDeal.ie, the leading online classifieds site for cars and generalist in the private market in Ireland.

DoneDeal.ie had revenues of around EUR 2 million in the first half of 2011. This was a growth of approx 70 per cent year over year. The company has positive EBITDA.

Schibsted has a right to increase the ownership up to 90.1 per cent in two years and up to 100 per cent in five years. This will be done at market valuation.

DoneDeal.ie fits well in among Schibsted Classified Media's operations in established phase. The site has many similarities with the Blocket concept, and is a clear market leader within generalist and cars for privates. DoneDeal.ie is the third most visited online site in Ireland (source: DoubleClick AdPlanner), and has a strong brand in the country. DoneDeal.it has a listing fee of EUR 3 per advertisement.

DoneDeal.ie was established in June 2005. The founders are Fred and Geraldine Karlsson. Fred Karlsson will continue in the management of the company and as a shareholder.

- We are very happy to include DoneDeal.ie into the family of online classifieds sited in Schibsted. A strong number one position and good profitability means that Ireland will be our fifth country with online classifieds sites in established phase. The acquisition will be another contributor to continued good profitable growth for online classifieds in Schibsted, Terje Seljeseth CEO of Schibsted Classified Media says.

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