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Further details have emerged about the joint venture between Monster Worldwide, Inc. (NYSE:MWW) and Alma Media Corporation (OMXHelsinki: ALN1V) which cover Eastern Europe and the Baltics.
The agreement which was highlighted in Monsters recent results will see Monster's career services 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 MEUR 4.9, 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.
The arrangement is in line with Alma Media's strategy of focus on recruitment and career services. Alma Media has constantly been evaluating new opportunities in addition to the 70 Million EUR of investment in 2012 in the Baltic countries, Czech Republic, Slovakia and Croatia. 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 MEUR 35 in 2013.
"Widening the already fruitful cooperation with Monster is a great continuation to our strategy. Alma Media will continue its current operations with existing brands and technologies, but will also be able to benefit from the Monster technology, service concepts and the sales network in the chosen market areas. Monster Worldwide will be able to grow its global network with our market leading services", says Raimo Mäkilä, Senior Vice President of Alma Media's Marketplaces business unit.
"Monster and Alma are building upon our historically successful relationship to create comprehensive service offerings throughout Eastern Europe and the Baltics", said Andrea Bertone, Executive Vice President, General Manager, Europe and North America Sales, Monster Worldwide. "This is a winning combination, delivering world-class career marketplaces and an expanded advertising footprint across the region, providing a new level of service and wider talent pool reach to greatly benefit our local and global clients".
Additional information about Monster’s partnership with H&Q Korea can be found in our news.