Monster Worldwide, Inc. (NYSE:MWW) today announced the expansion of its Finnish joint venture with Alma Media to include Eastern Europe and the Baltics creating a new regional career services leader. The collective capabilities and focus of these two companies, along with additional investment, will enable stronger market development and greater client benefit across the region.
The joint venture, to be renamed Alma Career Oy, will now include the following:
- Remaining in the Joint Venture – Monster Finland, the market leader in Finland, will remain in the joint venture and will continue to operate using the Monster name and technology platform;
- Alma Media Contributions – Alma Media will contribute businesses comprising the market leaders in the Czech Republic, Slovakia, Croatia and the Baltic countries of Estonia, Latvia and Lithuania;
- Monster Contributions – Monster will contribute its online careers operations in the Czech Republic, Hungary and Poland, all of which will continue to operate using the Monster name and technology platform.
Consequently, Monster will become a 15 percent minority owner of Alma Career Oy, with Alma Media owning the other 85 percent. Monster has an option to increase its ownership to 20 percent by 2017. The transaction is expected to close in early 2014.
“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.”“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,” said Raimo Mäkilä, Senior Vice President of Alma Media’s Marketplaces business unit.
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