Companies across the world are grinding to a halt, switching business models, and scrambling to innovate new technologies to combat the issues surrounding the COVID-19 virus. Though this is the case for most, there are still a number of companies experiencing business as usual.
Ringier Axel Springer purchased a 79% stake at MSN Property for US$15.8 million.
MZN Property’s recent goal is to become an all-inclusive real estate platform. It has a number of obstacles to face before it can hold the kind of position it wants within the Polish market. One being Naspers’ Otodom.pl, as well as OLX.pl and Domiporta.pl. With support from Ringier Axel Springer, MZN Property hopes to get a leg up on this fierce competition.
Jarosław Święcicki, CEO of MZN Property S.A. said:
“In Ringier Axel Springer Media AG, we have found a reliable strategic partner with whom we share the same vision of how to further develop and strengthen our range of both classified and financial services. The Management Board of MZN Property S.A. welcomes this partnership. The tender offer announced today confirms a well-chosen strategic path, beneficial to our employees and shareholders, giving our investors a possibility to achieve premium since entering the main floor of the Warsaw Stock Exchange.”
Ringier Axel Springer isn’t immune to the troubles surrounding the current global pandemic. Sources show that it had laid off a number of its Polska staff and cut wages in some of the other markets it has its fingers in. But there seems to be the ability to make acquisitions and expand its influence in Europe, showing that companies can still operate under the status quo even at a time like this.