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.
Contact for investors and analysts:
Christian Printzell Halvorsen
EVP Nordic Marketplaces and CEO of FINN.no
+47 992 29 546
christian.printzell.halvorsen@schibsted.com
Jann-Boje Meinecke
Head of IR
+47 941 00 835
ir@schibsted.com
Contact for media:
Atle Lessum
Director of Schibsted Group Communications
+47 415 05 645
atle.lessum@schibsted.com
Kristine Eia Kirkholm
Head of Communication FINN.no
+47 932 47 875
kristine.eia.kirkholm@finn.no
Oslo, 16 July 2020
Schibsted ASA
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
