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Deutsche Telekom agrees Scout24 sale for EUR 1.5 bln

2013-11-21 16:26:00| Telecompaper Headlines

(Telecompaper) Deutsche Telekom has reached an agreement to sell a 70 percent stake in its directories unit Scout24 to Hellman & Friedman. Deutsche Telekom will retain a 30 percent stake in the company. The transaction, expected to close in the first quarter of 2014 pending regulatory approval, will generate cash proceeds at closing of approximately EUR 1.5 billion. The German operator acquired Scout24 in 2004 and has been looking to sell the company since early this year. It reportedly attracted the interest of several private equity groups. Scout24 operates the online classifieds sites ImmobilienScout24 and AutoScout24 in Germany. It counts around 14 million monthly visitors and operates in 22 countries. Hellman & Friedman is a US-based private equity firm specialising in the TMT sector.

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