Home Forums Equipment Sanoma sells Finnish online classifieds to Schibsted for $211 million

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    <p>July 16 (Reuters) – Finland’s Sanoma has agreed to sell its online classifieds business, Oikotie, to Norway’s Schibsted in a deal valuing the business at 185 million euros ($211 million), both companies said late on Thursday.</p> <p>Schibsted, which already owns Finland’s generalist online marketplace Tori, expects to reach 44 million monthly visits by adding Oikotie, a job search site with a strong market share in real estate, it said.</p> <p>”With this acquisition we have a unique opportunity to widen our scope here and show our long-term commitment to the Finnish market,” said Schibsted CEO Kristin Skogen Lund.</p> <p>Oikotie’s 2019 net sales were 27.6 million euros.

    The deal’s enterprise value implies an EBITDA multiple of about 19.6 based on pro-forma earnings in 2019, the companies said.</p> <p>Oikotie and Tori will continue as independent brands.</p> <p>Schibsted media group also owns online marketplaces in Sweden and login sbobet Norway, as well as the majority of Oslo-listed online classifieds firm Adevinta which has operations in more than 15 countries.</p> <p>Sanoma said it plans to use the proceeds for additional acquisitions in education business.</p> <p>”Going forward, we will be having EUR 400-500 million headroom for future M&A, where our focus will be on growing especially our learning business,” Sanoma Chief Executive Susan Duinhoven said in a statement.

    ($1 = 0.8788 euro) (Reporting by Tarmo Virki in Tallinn and Nerijus Adomaitis in Oslo Editing by Matthew Lewis)</p></div>
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