General Atlantic and Axel Springer set up €1.25bn joint venture

The new company will hold Axel Springer's digital assets as an independent company and is valued at around €1.25bn.

The venture is aiming at growing Springer's digital classifieds business throughout Europe and in emerging markets. The shareholders are also planning on executing strategic acquisitions in the future.

The deal remains subject to the approval of antitrust authorities and is further dependent on the exercise of an option by Axel Springer and the approval of employee representatives in France.

Company
Axel Springer Digital Classifieds GmbH is a new company holding Axel Springer's digital assets.

Axel Springer Digital Classifieds will also hold SeLoger, a French real estate portal; Immonet, a German real estate portal; and StepStone, a European job portal to the joint venture.

The new company will be based in Germany.

People
Mathias Doepfner is chief executive of Axel Springer. Bill Ford, chief executive, led the deal on behalf of General Atlantic.

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