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Deutsche Telekom nears Scout24 sale to Hellman & Friedman-Bloomberg

Reuters - UK Focus

Nov 20 (Reuters) - Deutsche Telekom AG (LSE: 0MPH.L - news) is close to a deal to sell 70 percent of its online classified advertising business Scout24 to private equity firm Hellman & Friedman LLC, Bloomberg reported on Tuesday, citing three people familiar with the matter.

Citing unidentified sources, Bloomberg reported that the purchase would value the business, including debt, at about 2 billion euros ($2.71 billion) and that an announcement from the German telecoms firm could come this week.

Deutsche Telekom and Hellman & Friedman could not be reached for comment outside regular business hours.

Reuters reported in October that private equity groups Apax, TPG, Hellman & Friedman, EQT (Frankfurt: EQ6.F - news) and Silver Lake were expected to table offers.

Deutsche Telekom wants to sell part of Scout24 - originally seen as a way to compensate for declining earnings at its traditional telecoms business - in order to free up cash for a planned investment of 6 billion euros in broadband Internet technology development in Germany.