Alma Media has acquired Monster Worldwide Scandinavia’s 16.66% stake in Alma Career in a deal worth €58.5 million ($68.7 million U.S.). Alma Career is now fully owned by Alma Media.

Simplifying the ownership structure will clarify and support the development of Alma Career’s recruitment business in accordance with Alma Media’s strategy, said the company in a news release announcing the transaction.

Alma Career was established in 2013 when Alma Media and Monster Worldwide agreed to strengthen their cooperation to cover Eastern and Central Europe and the Baltic countries.

Alma Career has operated as the parent company of the Alma Career Group, which includes recruitment companies in ten European countries. Its recruitment services include the leading recruitment companies operating in Eastern Central Europe, such as LMC in the Czech Republic, Profesia in Slovakia, MojPosao in Croatia, CV Online in the Baltic countries and Kolektiv in Bosnia and Herzegovina.

The Monster branded job boards in Finland (Monster.fi) and Czech Republic (Monster.cz) will continue to operate as Monster. The change will not affect customer relations and will not require any actions from Monster’s customers in Finland or Czech Republic.

Alma Career Group’s FY2020 revenue was €62.7 million ($73.6 million U.S.), EBITDA €23.9 million ($28.7 million U.S.) and operating profit €20.6 million ($24.2 million U.S.).

Alma Media focuses on digital services and publishing. The company’s headquarters is in Finland, but it also operates in other Nordic countries, the Baltics, and Central Europe. It’s listed on the Helsinki Stock Exchange.

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