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Axel Springer in exclusive talks to sell Groupe La Centrale to Providence

Reuters
FILE PHOTO: Logo of German publisher Axel Springer is seen outside its headquarters in Berlin

FRANKFURT (Reuters) - German publisher Axel Springer said on Wednesday that it entered exclusive negotiations to sell a majority stake in French car classifieds firm Groupe La Centrale to buyout group Providence Equity Partners.

The deal is part of Axel Springer's strategy of streamlining its classifieds portfolio to focus on jobs site Stepstone and property classifieds group Aviv, known for sites such as Seloger and Immowelt, it said, adding that it would retain a minority shareholding in Groupe La Centrale.

Financial terms of the deal were not disclosed.

(Reporting by Arno Schuetze; Editing by Riham Alkousaa)