Brief: Scout24 Acquires German Property Data Provider Sprengnetter Group

Scout24 SE

19/06/2023 10:18

June 19 (Reuters) - Scout24 Se  G24n.DE :
    * SCOUT24 ACQUIRES SPRENGNETTER GROUP – ONE OF THE LEADING
PROVIDERS OF PROPERTY DATA AND VALUATION SERVICES IN GERMANY
    * SPRENGNETTER GROUP WILL CONTINUE TO OPERATE UNDER ITS OWN
BRAND
AND CEO JAN SPRENGNETTER WILL JOIN SCOUT24 EXECUTIVE LEADERSHIP
TEAM
    * SCOUT24 SIGNED AN AGREEMENT TO ACQUIRE A MAJORITY STAKE OF
75%
IN SPRENGNETTER GROUP.
    * SPRENGNETTER GROUP WILL CONTINUE TO OPERATE UNDER ITS OWN
BRAND
AND CEO JAN SPRENGNETTER WILL JOIN SCOUT24 EXECUTIVE LEADERSHIP
TEAM
    * SPRENGNETTER GROUP WILL CONTINUE TO OPERATE UNDER ITS OWN
BRAND
AND CEO JAN SPRENGNETTER WILL JOIN SCOUT24 EXECUTIVE LEADERSHIP
TEAM
    * VALUATION OF SPRENGNETTER GROUP FOR INITIAL 75% STAKE
ACQUISITION AMOUNTS TO C. EUR 100M ON DEBT AND CASH FREE BASIS
(100%)
    * A LARGE PART OF INITIAL PURCHASE PRICE FOR 75% STAKE
ACQUIRED
WILL BE PAID IN SCOUT24 SHARES WITH A MULTI-YEAR LOCK-UP
AGREEMENT
    * FOR FIRST HALF OF 2023 SPRENGNETTER GROUP IS PROJECTED TO
GENERATE REVENUES OF APPROXIMATELY EUR 14M AT AN ORDINARY
OPERATING EBITDA MARGIN OF ABOUT 20%
    * SHARES ISSUED WILL BE FULLY OR PARTIALLY OFFSET BY ONGOING
CURRENT SHARE BUYBACK PROGRAMME

Source text for Eikon:  ID:nEQ84V4hMa 
Further company coverage:  G24n.DE 

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