Alma Media has sold City24, the leading digital housing marketplace operating in the Baltic countries, to Koha Capital, an Estonian venture capital company. The parties have agreed not to disclose the transaction value.
City24 is one of the leading real estate portals in the Baltic countries. The firm was established in 2000 in Estonia and has since developed one of the most technologically advanced platforms in the region.
Koha Capital is an investment vehicle of a local private individual.
Alma Media is a media company focusing on digital services and publishing. In addition to news services, the company's products provide information related to lifestyle, career and business development. The firm's services have expanded from Finland to the Nordic countries, the Baltics and Central 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," said 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," he added.
Oaklins' team in Estonia served as the exclusive sell-side advisor to Alma Media.
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