Finnish Alma Media finished the acquisition of the marketplace for motor vehicles Nettix Oy for €170 million ($200 million) from Otava Group. The purchase price will be paid in cash, and Alma Media has agreed on debt financing.
With this acquisition, Alma Media strengthens its position in the marketplace business in Finland, especially in automotive and mobility services.
“Alma Media estimates that the acquisition will create annual synergies of EUR 1.5 million by 2022, mainly related to advertising sales, support functions, premises, IT systems and IT development,” wrote the company in an announcement.
Nettix Oy had revenue of €22.5 million ($26.5 million), EBITDA of €11.2 million ($13.2 million), and operating profit of €10 million ($11.8 million) in 2020.
Alma Media has signed with OP Yrityspankki Oyj a committed bridge financing facility of €220 million ($259 million), until October 2022. The financing also covered the €53 million ($62 million) acquisition of the minority shareholding in Alma Mediapartners. Alma Media will convert the bridge facility into long-term financing during 2021.
Nettix will be a part of the Alma Consumer business segment, starting from Q2 2021. 39 employees of Nettix transferred to Alma Media.