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
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