AFTER being unable to break the dominance of realestate.com.au's classified market, James Packer's Publishing and Broadcasting has teamed up with Macquarie Bank to buy a stake in a German online real estate advertising company.
Based in
The consortium will pay 357 million euros ($A585.6 million) for the 66.2% interest in Immobilien Scout GmbH.
The deal’s completion is subject to a pre-emptive right held by Deutsche Telekom through its subsidiary Scout 24 AG. Scout 24 AG is the largest minority shareholder with a 33.1% shareholding.
The transaction is also subject to approval of the supervisory board of Immobilien Scout and the Federal Cartel Office of Germany.
It is expected that the transaction will be completed by December 31.
Australian Property Journal
