Axel Springer Digital Classifieds has concluded an agreement on the merger between the Immowelt Group and the Immonet Group (part of Axel Springer Digital Classifieds) with the shareholders of the real estate portal immowelt.de. The two companies will be merged under the new Immowelt Holding AG. Axel Springer Digital Classifieds will be a majority shareholder of the new joint venture with a 55 percent holding. The shareholders of markt.gruppe will as strategic partners continue to be shareholders, as well as the two founders of Immowelt AG.
Andreas Wiele, President Marketing and Classified Ad Models of Axel Springer SE: “This merger strengthens our position on the German real estate market significantly. Together, we want to invest and grow further. I would particularly like to express my thanks to the Management Board of Immonet under the chairman Christian Maar for so successfully developing the company within the last years.”
CEO of the new company is to be Carsten Schlabritz (currently CEO Immowelt AG). Jürgen Roth (currently CTO Immowelt AG), Ulrich Gros (currently CFO Immowelt AG) and Philip Schulze (currently COO Immonet Group) will also be Executive Board members of the new Immowelt Holding AG.
Carsten Schlabritz: “The merger will enable Immowelt and Immonet to be a strong number two on the German online real estate market across both offices in Nuremberg and Hamburg. With Axel Springer we now have additionally another experienced partner by our side for a successful future.”
Christian Maar, CEO Immonet Group: “The merger of both brands Immowelt and Immonet is the next consequent step to strengthen the position on the real estate market.”
The negotiations were based on a valuation of the two companies totaling 420 million euros. Axel Springer Digital Classifieds is to pay the Immowelt shareholders a total purchase price of approximately 131 million euros in connection with the creation of the new structure.
Harald Brenner and Johannes Werle, Managing Directors of markt.gruppe: “We see the merger between Immowelt and Immonet as a forward-looking step. This is why we agreed to the partial sale of shares in the successful company Immowelt AG. We will continue to be essential shareholders of Immowelt Holding AG in future and will also expand our other digital activities in the joint venture markt.gruppe.”
The transaction is still subject to approval by the relevant antitrust authorities.
Immowelt AG is the leading full-range IT provider for the real estate sector. Its core business consists of the Immowelt portals which are some of the most visited real estate portals in Germany, Austria and Switzerland. Another business area is the development of CRM software solutions for the real estate industry: estateOffice, estatePro and i-Tool cover the full range of successful real estate marketing. Other portals, such as ferienwohnung.com, bauen.de and the Croatian real estate portal crozilla.com complete the portfolio.
Immonet is one of the leading real estate portals in Germany. Likewise, the Immonet Group offers a range of real estate services, software solutions and apps for property searches and marketing. The Immonet Group owns 100 percent of Umzugsauktion GmbH (umzugsauktion.de, umzugspreisvergleich.de and malervergleich.de) and has a majority shareholding in the real estate software provider Immosolve GmbH.
About Axel Springer Digital Classifieds
Axel Springer Digital Classifieds GmbH is a strategic partnership in which Axel Springer SE currently has an 85 percent shareholding and the growth investor General Atlantic has a 15 percent shareholding. In the future, Axel Springer wants to hold 100 percent of Axel Springer Digital Classifieds and therefore General Atlantic granted it a purchase option for its shares (see press release from December 8, 2014). Its portfolio includes online job portals such as StepStone, Totaljobs, Saongroup, YourCareerGroup and Jobsite, real estate portals such as SeLoger and Immoweb, the regional portal meinestadt.de, the car classifieds portal LaCentrale and the leading Israeli classifieds portal Yad2. Almost all portals in the portfolio of Axel Springer Digital Classifieds are market leaders in their particular segment.