Leading international media group Ringier, which operates in Romania has acquired a majority stake in Imobiliare.ro, which boasts a total of 103,000 real-estate listings and claims to bet Romania’s undisputed leader among comparable online marketplaces.
The transaction will further strengthen Ringier’s digital portfolio in Romania.
It comprises the purchase of 87 per cent of the shares in Realmedia Network SA from its former owners Broadhurst Investments Limited, Kurt Götz and the executive management of Imobiliare.ro.
Ringier Romania operates more than 30 print products and online platforms, including the Libertatea tabloid title and the Romanian edition of ELLE, the world’s best-selling fashion magazine.
Ringier has been operating in Romania since 1992. Today, Ringier Romania has over 400 employees and is one of the leading international publishers in the country.
Walder adds the acquisition is a further step in the company's endeavor systematically to transform and digitalize its business in all the markets it serves including Eastern Europe.
"Thanks to this transaction, Ringier now not only owns the number one recruitment portal in Romania but has also secured the country’s largest online real-estate platform,” he says.
Imobiliare.ro’s current chief executive Adrian Mihail Erimescu will remain with the company as its new CEO.
“I am very proud that Imobiliare.ro, which commenced operations as an online project in Timisoara 16 years ago, has now become part of one of the largest media enterprises in Europe," Erimescu says.
"This transaction will give us access to international know-how and will ensure that we can make the most of national and global synergies within the Ringier Group.
"I am also very confident that it will enable us to provide our clients and users with even better services and to develop Imobiliare.ro into a truly world-class real-estate platform.”
Swiss-based European Internet Ventures brokered the transaction for the sellers, managing the process from seeking out the most suitable financial and strategic buyers to negotiating and executing the transaction.
European Internet Ventures founder and CEO Malcolm Myers, who led the deal, says the sale process generated substantial interest from both strategic and financial investors.
"Imobiliare.ro is an exceptionally well run property portal and the undisputed leader in a market with huge growth potential,” Myers told Property Portal Watch.
"As classifieds fundraising and M&A specialists, we were able to help the team present their story in a way that did justice both to their great achievements to date and to the future potential of the business."
With a population of 20 million, Romania is the second largest country in Central and Eastern Europe after Poland.