Deutsche Telekom To Buy Remaining Stake in German Internet Company Immobilienscout24; Reported $500M

Update: The deal has been announced, and DT is raising its ImmobilienScout24 stake to 99.3 percent from 33.1 percent. and is paying 357 million Euros.

German telecom giant Deutsche Telekom (NYSE:DT) is making its first big Internet play since CEO Renee Obermann took over late last year: it will buy the remaining stake in Internet company Immobilienscout24, DJN reports, citing sources, and will be announced tomorrow. The 66 percent stake held by German real estate lender Aareal Bank will be bought for “no more than EUR360 million (about $500 million), valuing the Internet portal at EUR540 million,” the story said. In 2003, T-Online International (part of DT) bought 33 percent stake in it for 180 million Euros back then.

Immobilienscout24 has sites such as AutoScout24, ImmobilienScout24, JobScout24, FinanceScout24, FriendScout24, Scout24 Schweiz AG, and TopJobsScout24, plus further Scout24-brands. The Scout24 marketplaces are active in Germany, Switzerland, and other European countries.
Blognation.de: Immobilienscout24 itself generated 53 million Euros in sales last year and income before taxes of 21 million Euros, and has over 2.5 million visitors each month and 600 million page impressions and 70K customers offering real estate properties.

Comments have been disabled for this post