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Sanoma Group has acquired Alma Media’s regional news media business in a deal worth 115 million euros ($125 million U.S.). The company also announced a strategic review of its subsidiary Oikotie Ltd., a leading classified company in Finland, including a possible divestment.

As part of the transaction, Sanoma has taken over Alma Media Kustannus Oy, a regional news media business, and Alma Manu Oy, a printing company. The transaction is a result of Sanoma’s strategic focus on its three core businesses, including news, entertainment and B2B marketing services, as well as Alma Media’s focus on the development of digital and international businesses.

The transaction is subject to approval from the Finnish Competition and Consumer Authority.

Sanoma also announced that it would evaluate strategic options for Oikotie Ltd. The company operates Oikotie.fi, a leading horizontal platform for apartments, vehicles and jobs, as well as sites focused on construction and renovation (Rakentaja.fi) and electricity comparison (Sähkövertailu.fi).

“Divestment of the business could be one of the potential outcomes of the evaluation,” the company said in a news release announcing the transaction.

Oikotie reported revenue of 26 million euros ($28.2 million U.S) in 2019, up from 24 million euros a year earlier. Operational EBITDA jumped to 10 million euros ($10.8 million U.S.), from 9 million euros in 2018.

Sanoma is a leading media group in the Nordic countries with operations in Finland, the Netherlands, Belgium, Poland and Sweden. The group, which is listed on the Helsinki Stock Exchange, is among the top five magazine publishers in Europe.

Alma Media is Sanoma’s main competitor in the Finish media market. The company is headquartered in Finland, but also operates in other Nordic countries, the Baltics and Central Europe. Alma Media is also listed on the Helsinki Stock Exchange.

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