Scout24 AG completes sale of AutoScout24
- All closing conditions met
- Cash received
- Focus lies now on ImmoScout24
Munich / Berlin, 1 April 2020 - Scout24 AG announces the closing of the sale of 100% of AutoScout24, FinanceScout24 and Finanzcheck (together “AutoScout24”) to affiliates of Hellman & Friedman.. Control of the carved-out unit of AutoScout24 is transferred to the buyer as of today, 1 April 2020. Scout24 AG confirms receipt of payment of the purchase price, adjusted by net working capital and net debt, in the amount of EUR 2.84bn.
With the closing of the transaction, Scout24 now initiates a large capital return programme as previously announced. This includes repayment of debt in the amount of up to EUR 780 million. Furthermore, besides the proposed dividend payment of EUR 94.3 million, share buybacks in the amount of up to EUR 1.69bn are planned. The first tranche of up to EUR 490 million will start at short notice.
The divestment of AutoScout24 ends the company’s two verticals strategy and Scout24 will now fully focus on ImmoScout24 to build a comprehensive ecosystem for sale, rent, and commercial real estate in Germany and Austria.
Scout24 is one of the leading digital companies in Germany. With ImmoScout24, an online platform for residential and commercial real estate, we successfully bring together owners, realtors, tenants, and buyers to make complex decisions easy – and we have been doing so for more than 20 years. With around 14 million users per month, ImmoScout24 is the market leader for digital real estate marketing and search. To digitise the process of real estate transactions, ImmoScout24 is continually developing new products and building up an ecosystem for renting, buying, and commercial real estate in Germany. Since 2012, ImmoScout24 has also been active in the Austrian real estate market, reaching around 3 million users monthly.
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Scout24 also uses alternative performance measures, not defined by IFRS, to describe the Scout24 Group's results of operations. These should not be viewed in isolation, but treated as supplementary information. The special items used to calculate some alternative performance measures arise from the integration of acquired businesses, restructuring measures, impairments, gains or losses resulting from divestitures and sales of shareholdings, and other expenses and income that generally do not arise in conjunction with Scout24's ordinary business activities. Alternative performance measures used by Scout24 are defined in the "Glossary" section of Scout24's Group Management Report 2019 which is available at www.scout24.com/financial-reports.
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