QXL buys Norwegian auction site

£13.2m -- going, going, gone

Auction-house QXL.com plc has acquired Norway's largest online auction site, DinSide Auksjon, for £13.2 million. The deal, covered by the issue of 1,296,154 QXL shares, strengthens the auctioneer's presence in Europe.

Jim Rose, CEO of QXL.com, said: "This acquisition will enable QXL.com to quickly gain a strong position in Scandinavia, a region with the highest Internet penetration in the world. Our strategy is to complement organic growth with suitable acquisitions of businesses that have the capacity to significantly enhance our pan-European sales and marketing operations."

Tore Andre Godager, MD of DinSide Auksjon, will join take up a similar role as MD of QXL.com's Scandinavian region, based in Oslo. DinSide Auksjon has no audited accounts and no material net assets. It reported net losses of £102,000 for the ten-month period ending 31 October 1999. ®

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