T-Online takes over Scout24 Group

The Supervisory Board of T-Online International AG has today approved the purchase of 100 percent of the shares in Scout24 AG from Beisheim Holding Schweiz, a Swiss private equity company. The acquisition will be completed once approval has been received from the anti-trust authorities and two strategically irrelevant companies for T-Online, MORGEN&MORGEN and GesundheitScout 24, have been spun off from Scout24 AG. Subject to agreed final adjustments, the purchase price will total around Ä 180 million, including the transfer of a shareholder loan. The amount will be paid in cash.

Together with Scout24 AG, T-Online International AG is acquiring all of the shares Scout24 AG holds in the following companies: 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.

Thus T-Online is consistently pursuing the strategy of supplementing its value creation in Internet growth industries by adding a portfolio of its own high potential online marketplaces. Scout24 AG expects to book sales revenues of around Ä 70 million in 2004 and have a positive single digit EBITDA.

With its successful business model and network of online marketplaces under a known umbrella brand, the Scout24 Group represents the ideal strategic partner for the T-Online portal. Taking over the Group enables us to participate in the further growth of the sector-specific markets on the Internet, comments Thomas Holtrop, Chairman of the Board of Management of T-Online.

The Scout24 Group is to be maintained as a separate company within the T-Online Group in the future. The business plans, organization, brand and marketing concept, and Scout24 partner network will continue to operate as before.

Christian Mangstl, CEO of Scout24, is delighted with the transaction. We have found the best possible partner for the successful development of the Scout24 Group in the form of T-Online, complete with a strategic outlook and complementary online expertise.