Norway’s Schibsted buys Finland’s Sanoma for $211m

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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).

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.

“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.

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.

Oikotie and Tori will continue as independent brands.

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