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PBL/Macquarie Bank consortium to acquire 66.2% of Immobilien Scout GmbH |
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16 August 2007 A Consortium consisting of Publishing and Broadcasting Limited ("PBL") and Macquarie Bank Limited ("Macquarie") today announced that it has entered into a Conditional Sale and Purchase Agreement with Aareal Bank to acquire 66.2% of Immobilien Scout GmbH ("Immobilien Scout" or "Company"). The Consortium will acquire 66.2% of Immobilien Scout for €357 million which values the Company at €540m. PBL and Macquarie have each agreed to participate on an equal basis. Upon completion, PBL and Macquarie shall each hold an equal interest in the equity of the Consortium, with it being intended that key senior management of Immobilien Scout will be invited to participate as shareholders in the Consortium. Completion of the transaction is subject to a pre-emptive right held by Deutsche Telekom through its subsidiary Scout 24 AG, over the 66.2% equity interest being offered. Scout 24 AG is the largest minority shareholder with a 33.1% shareholding in the Company. Additionally, completion of this transaction is subject to approval of the transfer of shares by the supervisory board of Immobilien Scout, clearance from the Federal Cartel Office of Germany, and other customary closing conditions and transaction risks. It is expected that the transaction will be completed by 31 December 2007. Based in Berlin, Immobilien Scout is the leading provider of online classifieds, advertising and business services to the German real estate industry. Immobilien Scout’s website contains classified and display advertising from a range of providers including residential agents, property developers and other non-commercial advertisers. For more information please visit the Company’s website (www.immobilienscout24.de). Macquarie Bank notes that the impact on its Tier 1 capital ratio is anticipated to be a decrease of approximately 0.7%. For further information, please contact:
Paula Hannaford
Richard Nelson |
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| Important
information | Privacy
policy Macquarie Bank Limited ABN 46 008 583 542 |
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Where we provide any advice on this website, it has been prepared without considering your objectives, financial situation or needs. Before acting on any advice on this website, you should consider its appropriateness to your circumstances and, if a current offer document is available, read the offer document before acquiring products named on this website. Past performance of any product described on this site is not a reliable indication of future performance. Any Macquarie subsidiary noted on this page is
not an authorised deposit-taking institution for the purposes of the Banking
Act (Cwth) 1959. That subsidiary's obligations do not represent deposits
or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL).
MBL does not guarantee or otherwise provide assurance in respect of the
obligations of that subsidiary, unless noted otherwise. |
