The Polish media group, Agora SA, has sold its real estate marketplace subsidiary, Domiporta, and its automobile marketplace, AutoTrader.pl, to another Polish auto classifieds giant, Auto Centrum, for an undisclosed amount.
The specifics of the purchase, however, are as follows:
"The Management Board of Agora informs today that it has obtained information on the conclusion of negotiations and conclusion by the subsidiary Domiporta of an enterprise sale agreement within the parameters of Article 55¹ of the Civil Code, which is an organized set of tangible and intangible assets intended for conducting Domiport's business, in particular, consisting of, among others, running an online classifieds website under the name Domiporta.pl, enabling posting and browsing real estate ads, available on www.domiporta.pl, for the company Auto Centrum sp. z o.o., headquartered in Krosno.
Agora is a majority owner of a number of companies, including the film network, Helios, the Next Film company involved in the production and distribution of films, and the publisher of the Gazeta Wyborcza.
The group acquired Domiporta in 2008 for US$45 million. It reported in this year’s Q1 earnings that the portal was currently valued at US$3 million. Furthermore, Agora saw numbers dwindle greatly in 2019 and was hit hard by the pandemic, leading to the laying off of 80% of its workforce.
We recently reported that Agora was looking to sell its real estate portal subsidiary due to financial struggles from not only the pandemic, but the downturn in the company’s stock prices the year prior.