Scout24 Stock Up On EUR 5.6 Bln Cash Offer From Hellman & Friedman, Blackstone

(RTTNews) - Shares of Scout24 AG were gaining around 12 percent in German trading after the operator of digital marketplaces specialising in real estate and automotive sectors announced its agreement to be acquired by Hellman & Friedman LLC and Blackstone Group L.P. (BX). The voluntary public takeover offer implies an equity value of Scout24 of approximately 4.9 billion euros and an enterprise value of approximately 5.7 billion euros.

In a statement, Scout24 said it has signed an investment agreement forming a strategic partnership with Pulver BidCo GmbH, jointly controlled by funds advised by Hellman & Friedman and affiliates of Blackstone.

Pulver BidCo will pursue the voluntary public takeover offer for all Scout24 shares with a price of 46 euros per share in cash.

The offer price represents about 27.4% premium to the unaffected share price of 36.1 euros on December 13, 2018, and about 24.4% premium to the unaffected 3-month-volume-weighted average share price.

The Takeover Offer will be subject to a minimum acceptance threshold of 50% plus one share.

Both Scout24's Management Board and Supervisory Board believe that the transaction is in the best interests of the company.

In Germany, Scout24 shares were trading at 46.42 euros, up 11.91 percent.