Partial exit for Texas Pacific

Eniro, the Nordic yellow pages publisher has agreed to acquire Findexa, the Norwegian directories business, for a cash consideration of approximately SKr5,434m and the issue of 26.8 million new Eniro shares, or a total of SKr7.9bn (US$1bn) based on Eniro’s closing share price on 23 September.

Private equity firm Texas Pacific Group, which controls some 61.1% of the shares and votes in Findexa has agreed to approve the merger. TPG acquired its stake in the company formerly known as Telenor Media in 2001 for NKr5.8bn (US$671m) in cash but sold some of its shares following the flotation of Findexa in 2004.

On completion of the deal, Findexa’s shareholders will hold a total of 14.8% of shares and votes in Eniro. Texas Pacific Group will hold about 9.1%.

Findexa employs 900 people in Norway and generated revenue of approximately NKr1.6bn in 2004.