Ringier Axel Springer has announced a tender offer to purchase all outstanding shares in MZN Property, which owns a variety of Polish real estate sites. The company also acquired horizontal Gratka.pl from HKM, the owner of Polska Press Group, for an undisclosed amount.

Gratka is a leading general classified site in Poland. It focuses on real estate, automotive and jobs, with general classified listings as a supplement. Last month, the site received 5.3 million visits, according to SimilarWeb.

Ringier Axel Springer announces tender offer for MZN Property

Ringier Axel Springer valued MZN at PLN 84 million ($21.2 million U.S.) based on a tender offer price of PLN 1.97 ($0.50 U.S.) per share. MZN owns Polish real estate sites Morizon.pl, Domy.pl, Oferty.net, nPortal.pl, Komercyjne.pl and Noweinwestycje.pl.

Shareholders will receive a premium of 103% compared to the closing price of PLN 0.97 ($0.25 U.S.) per share on Feb. 25. The subscription period will last from Mar. 23 to Apr. 20. Shareholders of the remaining 64.33% of shares in MZN Property have already committed to participate in the tender offer.

The management team of MZN Property will remain in place and continue to hold a minority stake, the company said in a news release.

MZN Property has been listed on the main board of the Warsaw Stock Exchange (code: MZN) since 2017, after moving its listing there from NewConnect. Since the move, the company has been pursuing a strategy to build a one-stop shop for the real estate market.

Each segment is served by MZN Property’s subsidiaries, which include real estate verticals, Virtal, which provides internet marketing services — primarily to Morizon.pl and Nportal.pl — and financial services site FinPack, as well as mortgage distribution platform Lendi.

MZN Property earned revenue of PLN 33.2 million ($8.4 million U.S.) last year — up from PLN 26.5 million in FY2018. That includes PLN 17.7 million from its real estate segment and PLN 15.5 million from financial services.

Ringier Axel Springer was established in 2010 as a joint venture between Ringier and Axel Springer to combine their international operations in Central and Eastern Europe. Today, Ringier Axel Springer manages more than 200 digital and print products in Poland, Hungary, Slovakia, Serbia, Estonia, Lithuania and Latvia. The company’s other classifieds in Poland include recruitment sites NoFluffJobs.pl and StepStone.pl.

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