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Alma Media Oyj and Monster Worldwide Inc Form New Joint Venture


Thursday, 7 Nov 2013 02:00am EST 

Alma Media Oyj announced that Alma Media Corporation and Monster Worldwide Inc announced the strengthening of their joint operations across Eastern Europe and the Baltics. In expanding their joint offering, Monster's career services will be combined with Alma Media's similar services to create a comprehensive offering in Poland, Hungary, Czech Republic, Slovakia, Croatia, Finland, Estonia, Latvia and Lithuania. The companies will be managed under a joint holding company named Alma Career Oy and will be reported as part of Alma Media's Digital Consumer Services segment. Monster Worldwide will become a 15% minority owner of Alma Career Oy (formerly Monster Oy) by contributing its Poland, Hungary and Czech Republic operations and by acquiring from Alma Media shares in the holding company with a purchase price of EUR 4.9 million, with Alma Media owning the other 85%. Monster has an option to increase its ownership to 20% by 2017. Monster currently owns 25% of the Monster business in Finland with Alma Media holding 75%. The combined focus of this new venture, along with additional investment to drive growth of the business, will enable stronger development and client benefit across the region. The joint venture will start operationally in the beginning of 2014. After combining the Monster EE (Poland, Hungary and Czech Republic) operations with Alma Media's career services, the combined annual revenue is expected to exceed EUR 35 million in 2013. 

Company Quote

5.5
-0.03 -0.54%
3:56pm EDT