Axel Springer AG and global growth investor General Atlantic LLC today signed an agreement which relates to a future 30 percent-participation of General Atlantic in “Axel Springer Digital Classifieds GmbH”, a new company which will hold Axel Springer’s digital classifieds business. Axel Springer shall contribute the leading French real estate portal SeLoger, the German real estate portal Immonet, and the pan-European job portal StepStone to the new joint venture in a transaction which values the holding at EUR 1.25 billion. Once the transaction is completed Axel Springer will hold 70 percent of the equity in Axel Springer Digital Classifieds, which will be based in Germany.
The partnership between Axel Springer and General Atlantic is intended to develop Axel Springer Digital Classifieds into a leading international player in the digital classifieds markets. Consolidating its existing assets into an independent company and bringing in General Atlantic as an experienced partner and co-investor enhances Axel Springer’s ability to expand its business in the attractive segment of digital classifieds in a targeted manner, as part of its digitization and internationalization strategy. It will also put Axel Springer Digital Classifieds in a better position to grow both organically and through future acquisitions. In addition to opportunities to invest and grow in the European markets, the joint venture anticipates investments in other developed and emerging markets.
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