Hellman in €1.5bn online deal

The US-based PE firm will buy online marketplace Scout24 from Deutsche Telekom.

Hellman & Friedman will acquire 70 percent of Scout24 Holding from Deutsche Telekom in a deal valued at €1.5 billion, according to a statement from the seller.

Deutsche Telekom will retain a 30 percent stake. 

“We will retain a meaningful equity stake with substantial appreciation opportunity,” said Timotheus Höttges, CFO and CEO designate of Deutsche Telekom, in the statement.

Scout24 is a holding company with six online marketplaces: ImmobilienScout24, AutoScout24, FriendScout24, FinanceScout24, JobScout24 and TravelScout24. It has an enterprise value of €2 billion.

Under Deutsche Telekom’s ownership, Scout24 successfully developed Germany’s leading online classifieds business including the core ImmobilienScout24 and AutoScout24 franchises, the statement said.

“Over the past years, Scout24 has become one of the most respected online platforms in Europe,” said Patrick Healy, deputy CEO of Hellman & Friedman LLC, in the statement. “We see tremendous growth potential for the company, and look forward to continuing the Scout24 growth story over the years to come.”

In August, Hellman & Friedman agreed to buy insurance broker Hub International from Apax Partners for $4.4 billion, Private Equity International reported earlier.

San Francisco-based Hellman & Friedman has invested $2.5 billion in equity capital in the digital media and internet sector, including investments in DoubleClick, Getty Images, Web Reservations and Internet Brands. The firm has $25 billion in assets under management.