Deutsche Telekom sells 70% stake in Scout24 for €1.5bnFRANKFURT, GERMANY: German telecommunications company Deutsche Telekom has agreed to sell Scout24, which owns the online classified portals ImmobilienScout24 and AutoScout24, for €1.5bn. Deutsche Telecoms is to sell the Immobillien Scout 24 website for €1.5bn. Image: Wiki Images Deutsche Telekom said in a statement it has signed a definitive agreement to sell a 70% stake in Scout24 Holdings to US fund Hellman & Friedman. "Deutsche Telekom will retain a 30% stake in the company. The transaction is expected to be finalised in the first quarter of next year and will generate €1.5bn in cash," the statement said. The transaction is subject to regulatory approvals and other customary closing conditions. "Deutsche Telekom will benefit from a meaningful participation in the future value of Scout24," the German group said. "With Hellman & Friedman we have found the right partner to develop Scout24. H & F is one of the leading investors in digital, Internet and people businesses," said chief executive Rene Obermann. "We are very confident about the prospects for Scout24 under the H & F in the years to come," Obermann added. Source: AFP via I-Net Bridge |