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Eniro will not be completing previously announced acquisition of 118 800 as it lay off hundreds of workers in FinlandMonday, 27 February 2012
Swedish local search engine and yellow pages Company, Eniro has reported to terminates 96 employees in Finland, closed down operations in Pori and Joensuu. This comes as the company announced that it will not go ahead with the take over of the 118 800 network.
The troubled yellow pages company seems still not yet back on its feet after a spell looses last year. Those made redundant in Finland are working in directory assistance. According to the company, the demand for directory assistance has declined. Some of the ones that are let to go could get new jobs within the company.
In a press release the company announced that although it had entered an agreement to acquire the directory assistance service, 118 800, the acquisition was conditional on the approval of the Swedish Competition Authority.
Due to the decision by the Swedish Competition Authority to initiate an in-depth investigation of the acquisition and indications received from the Swedish Competition Authority in the course of the process, Eniro has now decided not to implement the acquisition. Eniro’s assessment is that the acquisition could become the object of a protracted process.
Eniro has not paid anything for the acquisition and the earlier-communicated financial forecast will not be affected by today’s decision.
By Scancomark.se Team
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