France-based European online media firm Hi-Media has now extended its reach in mobile markets and has bought out local mobile market firm Mobile Trend. The deals includes a total consideration of 7 million euros, paid in cash, with two earn-outs to come depending on the company’s profitability in 2008 and 2009. In 2007, Mobile Trend posted sales of 4.1 million euros and an operating profit of 0.9 million euros, and it expects strong business growth in 2008. The company transaction valuation multiples should be between 8 to 9 times MT’s operating profit for the current financial year, it said.

Mobile Trend was founded in 2003, is a French specialist in mobile Internet marketing and in micropayments by SMS. The two companies had been working together for the last four years, and with this deal, MT’s contribution enables Allopass, Hi-Media’s micro-payment business, to firm up its business in the SMS segment. More details on the deal here.

Earlier this year Hi-Media bought US-based online photo sharing site Fotolog.