View source for Sanoma Sells Finnish Online Classifieds To Schibsted For 211 Million

<br>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.<br> <br>Schibsted, which already owns Finland's generalist online marketplace Tori,  [http://sbobetcb.bowwe-site.com/ daftar sbobet bola] expects to reach 44 million monthly visits by adding Oikotie, a job search site with a strong market share in real estate, it said.<br> <br>"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.<br> <br>Oikotie's 2019 net sales were 27.6 million euros.<br><br>The deal's enterprise value implies an EBITDA multiple of about 19.6 based on pro-forma earnings in 2019, the companies said.<br> <br>Oikotie and Tori will continue as independent brands.<br> <br>Schibsted media group also owns online marketplaces in Sweden and Norway, as well as the majority of Oslo-listed online classifieds firm Adevinta which has operations in more than 15 countries.<br> <br>Sanoma said it plans to use the proceeds for additional acquisitions in education business.<br> <br>"Going forward, we will be having EUR 400-500 million headroom for future M&amp;A, where our focus will be on growing especially our learning business," Sanoma Chief Executive Susan Duinhoven said in a statement.<br><br>($1 = 0.8788 euro) (Reporting by Tarmo Virki in Tallinn and Nerijus Adomaitis in Oslo Editing by Matthew Lewis)<br>