As leading French property portal seloger.com reports 20 percent growth in net profit for the first half of 2010, German publisher Axel Springer says it plans to launch a €34 per-share public offer for the portal business.
Reuters reports that the deal values seloger.com at €566 million. According to the article, Axel Springer said it had already agreed to buy approximately 12.4 percent of the shares in seloger.com for around €70 million, and now intends to launch a public offer for the remaining 14,584,376 shares.
“Classified advertisements have been a core business of Axel Springer since the inception of the Group,” says Dr. Mathias Döpfner, Axel Springer CEO. “We are seeing a rapid migration of classified advertising from the print to the online world, and Axel Springer has already established itself as a major online player in several European markets.”
seloger.com’s half-year financial statement shows a net profit of €10.4 million. “The improvement of the financial position of real estate professions has had positive effects in our books during the semester,” says seloger.com CEO Roland Tripard.
“Our audience has continued to expand at a steady pace and the mobile use of our services grows continually, reinforcing our position as the market leader,” Tripard adds.