M&A Activity • Jul 16, 2020
M&A Activity
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Schibsted ASA (SCHA/SCHB) - Schibsted acquires Sanoma's online classifieds' business Oikotie in Finland
Schibsted and Sanoma have reached an agreement where Schibsted acquires 100% of
Oikotie, a Finnish multi-vertical online marketplace, from Sanoma. Schibsted has
been the owner of Tori.fi for over a decade, and through the acquisition of
Oikotie, Schibsted aims to expand its presence in the Finnish online
marketplaces segment with a focus on growth and ambitious innovation.
The agreement values Oikotie at EUR 185 million on an enterprise value basis.
This implies an EBITDA multiple based on pro-forma earnings in 2019 of
approximately 19.6x. Pro-forma 2019, Oikotie had revenues of EUR 27.6 million
(2018: EUR 26.3 million) and an EBITDA margin of 34% (2018: 32%). Pro-forma Q1
2020, which was affected by COVID-19, operating revenues were EUR 7.2 million
(Q1 2019: EUR 7.8 million), EBITDA margin was 33% (Q1 2019: 38%).
Together, Tori and Oikotie will be a leading player within online marketplaces
in Finland, reaching over 44 million monthly visits. Tori is the number one
generalist online marketplace in Finland whereas Oikotie holds the number one
position in the job vertical and a strong market share in real estate.
Oikotie and Tori will continue as independent brands, working closely together
as a combined organization under Schibsted Marketplaces Finland, led by CEO
Jussi Lystimäki.
"Finland has been home to Schibsted for over a decade. With this acquisition we
have a unique opportunity to widen our scope here and show our long-term
commitment to the Finnish market. Schibsted already owns Tori, and adding
Oikotie to our portfolio will secure us two highly complementary online
marketplaces with strong brands and skilled employees in Finland. This gives us
a strong platform and enables us to create better digital services for Finnish
customers. We look forward to continuing to do business with Sanoma in the
future," says Kristin Skogen Lund, CEO of Schibsted.
"After a thorough evaluation of the different strategic options for Oikotie, we
are pleased to divest this successful business to Schibsted, a strategic and
committed owner. I would like to thank the Oikotie team for their commitment and
success in growing and developing the business, which is in a very good shape.
We are keen to continue to do business with Oikotie and its new owner going
forward," Susan Duinhoven, President and CEO of Sanoma says.
"Even though times are tough, we see that this market is full of possibilities.
We are confident that we can, fueled by product development and our long history
of online marketplaces, leverage Tori's leading traffic position to further
strengthen and grow Oikotie's vertical positions. We look forward to welcoming
the great people of Oikotie and seeing these two brands and their professional
staff work side by side. Together we can transform the traditional classifieds
market into next generation marketplaces," Christian Printzell Halvorsen, EVP
Nordic Marketplaces & CEO of FINN.no, concludes.
About Schibsted
Every day, Schibsted helps millions of people buy, sell, hire and get hired. The
company's mission is to create perfect matches through our trusted marketplaces
and innovative solutions. With Blocket in Sweden, Finn in Norway and Tori and
Oikotie in Finland, Schibsted meets consumer needs with leading marketplaces.
Schibsted wants to help people make better deals, while partnering with
companies to help them make the most of their businesses.
Schibsted has the mind of a start-up and the heart of an established company
that has stood on its own feet since 1839. The company owns a family of
international consumer brands with over 5,000 employees.
Schibsted also owns the majority of Adevinta, a global digital player and the
biggest marketplace specialist in Europe, which it spun-off in April 2019.
Adevinta is listed on the Oslo Stock Exchange.
About Sanoma
Sanoma is a front-running learning and media company impacting the lives of
millions everyday. The company enables teachers to excel at developing the
talents of every child, provides consumers with engaging content, and offers
unique marketing solutions to business partners.
Today, Sanoma has operations in ten countries including Finland, the Netherlands
and Poland. Sanoma's net sales totalled EUR 900 million and the company employed
approximately 3,500 professionals in 2019. Sanoma shares are listed on Nasdaq
Helsinki. More information is available at sanoma.com
(https://www.globenewswire.com/Tracker?data=XmNwqA9uSjByBvU618rAJ5wniUs1JCKOzIL1
4PPP5kslodGFeQTsZ5QJbmhMkhWsXBNsV5mJAOJFANX00khbaQ==).
Contact for investors and analysts:
Christian Printzell Halvorsen
EVP Nordic Marketplaces and CEO of FINN.no
+47 992 29 546
Jann-Boje Meinecke
Head of IR
+47 941 00 835
Contact for media:
Atle Lessum
Director of Schibsted Group Communications
+47 415 05 645
Kristine Eia Kirkholm
Head of Communication FINN.no
+47 932 47 875
Oslo, 16 July 2020
Schibsted ASA
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act
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