Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
BERLIN (AP) - Deutsche Telekom AG says it is selling a 70 percent stake in its online classifieds business for 1.5 billion euros ($2 billion).
The German telecoms company says it will retain a 30 percent 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.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)