Schibsted has acquired 10 percent of SCM Spain, increasing the ownership to 100 percent. Through well known brands like Milanuncios, Coches, InfoJobs, Fotocasa and Habitaclia, SCM Spain has a leading position in the Spanish online classifieds market.
SCM Spain grew its revenue by 19 percent to EUR 155 million in the 12 month period until September 2018. The EBITDA was EUR 46 million in the same period, which represented a 12 month growth of 64 percent, and implying an EBITDA margin of 30 percent.
"We are encouraged by the recent development of our Spanish business, and have high ambitions for the development going forward. SCM Spain is a solid organization with good market positions, and at the same time we believe development will be positive in the Spanish market as such in the years to come," CEO of MPI, Schibsted's international marketplaces business, Rolv Erik Ryssdal says.
"Being the 100 percent owner means that SCM Spain will have the best conditions to be able to achieve good results going forward. It will now be possible to take out increased synergies with the other successful online classifieds sites in MPI as well as seamlessly taking advantage of MPI's joint global product and tech capabilities," Ryssdal adds.
Schibsted will pay EUR 100 million for the shares, implying an Enterprise Value of the company of around EUR 980 which in turn implies an EV/EBITDA multiple based on the 12 months period Q4 2017-Q3 2018 of 21.1x.
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