The Norwegian company Schibsted has bought the Spanish online classifieds portal Milanuncios.com for 50 million euros, the company explained today.
“This reinforces our position as a clear leader in the Spanish online classifieds market, and allows us to reach a wide range of services for our users and advertisers,” explained Schibsted.
“We have also partnered with our competitor Avito in Morocco, creating a clear market leader,” CEO Rolv Erik Ryssdal said in his fourth-quarter earnings report.
He added that the Milanuncios founder will retain a 10% stake in Schibsted’s combined business in Spain.
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