Hellman & Friedman and Blackstone want to take over Scout24

Cate­gory: Private Equity
15. Febru­ary 2019

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.

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