Alma Media Corporation Stock Exchange Release 28 Nov 2014 at 15.45 EET
ALMA MEDIA DIVESTS CITY24
Alma Media has today divested City24, its digital housing marketplace operating in the Baltic countries. The buyer is Oü 24m2, which is owned by Koha Capital Oü, an Estonian venture capital company.
The parties have agreed not to disclose the transaction value. As a result of the transaction Alma Media will book a MEUR 1.9 sales gain into its fourth quarter 2014 profits. The 2014 revenue of City24 is estimated to reach the level of MEUR 1.6.
City24 is an online housing marketplace that currently operates in Estonia, Latvia and Lithuania. The service has since early 2005 been a trailblazer for Alma Media's classified marketplaces in the Baltic countries and Eastern Europe.
"By divesting City24 we are now able to focus entirely on strengthening our digital recruitment services outside Finland. This transaction also further supports our future growth aims in the very successful recruitment business", says Raimo Mäkilä, Senior Vice President and Head of Alma Marketplaces.
"In Finland, we will continue with our present portfolio of recruitment, housing and motoring services", Mäkilä continues.
ALMA MEDIA CORPORATION
Vice President, Corporate Communications and IR
For more information, please contact:
Raimo Mäkilä, Senior Vice President, Alma Media, tel. +358 40 5461892.
Distribution: NASDAQ OMX Helsinki Stock Exchange, main media
Alma Media in brief
Alma Media is a media company focusing on digital services and publishing. In addition to news services, the company's products provide useful information related to lifestyle, career and business development. The services of Alma Media have expanded from Finland to the Nordic countries, the Baltics and Central Europe. The company employs 1,965 professionals (excluding distributors), of whom approximately one third work outside Finland. Alma Media's revenue in 2013 totalled approximately MEUR 300. Alma Media's share is listed on NASDAQ OMX Helsinki. Read more at www.almamedia.com