ARNAULT INTERNET VENTURE BUYS NORWAY ONLINE AUCTION HOUSE
LONDON — Bernard Arnault just keeps pumping money into the Internet.
QXL.com PLC, the online auction house partially owned by Arnault’s Europ@web, Thursday acquired DinSide Auksjon, Norway’s largest online auctioneer, for $21.8 million. QXL paid for the acquisition through the issue of 1.3 million new QXL shares.
DinSide Auksjon has more than 40,000 members and 7,500 concurrent auctions, QXL said in a statement. Tore Andre Godager, the company’s managing director, will join QXL as managing director of the Scandinavian region, based in Oslo.
DinSide Auksjon has no audited accounts or net assets, but had net losses of $165,240 for the 10 months ending Oct. 31.
Europ@web invested $30 million in QXL in July for an undisclosed share of the company. It currently operates online auctions in French, German, English and Italian.