We have advised Alma Media, a Helsinki-listed media group focusing on digital services and journalistic content, on its acquistion of Digitaalinen Asuntokauppa DIAS Oy, a digital housing platform.
Founded in 2018, DIAS is a digital housing trading platform for the residential real estate market connecting buyers, sellers, real estate agents and banks. DIAS is one of the first distributed ledger technology (DLT) services to be completed in Finland. In 2020, the company’s turnover will amount to approximately €2m.
The purchase price is €14.3m (75.5% of the Enterprise Value). The parties have also agreed on a potential earn-out linked to the future development of DIAS’s business operations and profitability. Alma acquired the shares from Tomorrow Tech, the co-founder and current majority shareholder of DIAS as well as the founding banks OP, Danske Bank A/S, Aktia Bank Abp and S-Pankki Oyj. After the transaction Alma owns 80.5% and the aforementioned banks retain 19.5% of the company’s share capital.
