NORWAY - Reiten acquires Basefarm for NOK 255m

Basefarm delivers operational services to business and organisations that use Internet as an important customer channel. The company counts Swedish TV channel TV4, Norwegian broadsheet Dagbladet, airline company Norwegian, and retail chain Elkjøp among its clients.

Founded in 2000, the business now employs 190 staff in its offices in Norway and Sweden. In 2008, revenues amounted to NOK 208m, with an operating profit of NOK 17m.

The transaction sees Reiten take a 72% in the business, with the balance divided between management which will hold 23.1%, employees with 4.8% and Basefarm AS with 0.1%.

Reiten paid NOK 130m for Schibsted's stake of 69.4%. Schibsted, the Oslo-listed Norwegian media group, is expecting to book a sales gain of NOK 10m as results of the sale. As part of the deal, Basefarm will pay down debt to Schibsted of around NOK 55m.

The acquisition was made from Reiten's seventh fund, which closed on EUR 256m in October 2007.

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• Topics
• Buyouts
• Nordics