Deutsche Telekom to reap $2 billion from sale of majority stake in classifieds business

BERLIN – Deutsche Telekom AG says it is selling a 70 per cent stake in its online classifieds business for 1.5 billion euros ($2 billion).

The German telecoms company says it will retain a 30 per cent stake in Scout24 Holding GmbH.

Scout24 runs several leading European online portals for buying and selling property and automobiles.

Deutsche Telekom said in a statement Thursday that its majority stake would go to Hellman & Friedman LLC, a private equity firm with offices in San Francisco, New York and London.