Hellman & Friedman and Blackstone want to take over Scout24
The operator of Germany’s largest apartment and house portal ImmobilienScout24 is about to be taken over by financial investors. Blackstoneand Hellman & Friedman are offering Scout24 owners 46 euros per share, the financial investors announced. Scout24’s management welcomed the offer, which is around 24.4 percent above the average price of the past three months. As a result, the company could be off the market again after a fairly short history on the stock exchange. The purchase price, including debt, is expected to be around 5.7 billion euros.
The two financial investors Hellman & Friedman and Blackstone companies are now offering 46 euros per Scout24 share in cash, as the MDax-listed company announced in Munich. On the Tradegate trading platform, the shares shot up by almost eleven percent to 46 euros in the morning compared with the Xetra close.
“We believe that this represents an attractive offer with a substantial premium, high transaction security and strategic added value for the company,” said Hans-Holger Albrecht, Chairman of the Supervisory Board of Scout24.
The purchase price is therefore around 5.7 billion euros.
The purchase price, including debt, amounts to around 5.7 billion euros, the statement added. The minimum acceptance threshold for the offer is 50 percent plus one share. In addition, the financial investors are hedging against a possible market slump. If the Dax falls too sharply — by more than 27.5 percent — the offer will lapse.
Hellman & Friedman itself had floated the company on the stock market only three years ago for 30 euros per share. In the meantime, the shares are almost completely in free float. In July, they had reached their record high of 48.62 euros, but had then fallen back.