General Atlantic has formed a strategic partnership with German publisher Axel Springer to launch a new online classified adverts offshoot, in a deal which will give the global growth investor a 30 per cent stake in the business for €237m.
The new company, Axel Springer Digital Classifieds, will hold Axel’s French real estate portal SeLoger, its German real estate portal Immonet, and StepStone, the publisher’s pan-European job portal.
The deal values the Germany-based holding at €1.25bn, and will enable Axel to develop into a major player in the global digital classifieds market.
“Axel Springer was an early leader in digital media establishing and acquiring several leading businesses across Europe,” Bill Ford, CEO of General Atlantic, said in a statement.
“We are excited to be partnering with the Axel Springer Digital Classifieds team to develop their digital classified business to new heights globally.”
News reports today confirmed that General Atlantic and Warburg Pincus are in talks with Indian industrial conglomerate Essar to buy a $200m stake in its IT services division, Aegis, ahead of a planned IPO.
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