German classifieds group Scout24 has completed the sale of its car unit, AutoScout24, to private equity investor Hellman & Friedman, the company announced today.

Last year, the group agreed to sell AutoScout24 to Hellman & Friedman for around 2.5 billion euros ($2.76 billion U.S.). The final purchase price, which includes FinanceScout24 and Finanzcheck, was 2.84 billion euros ($3.1 billion U.S.)

“Control of the carved-out unit of AutoScout24 is transferred to the buyer as of today, April 1, 2020,” the company said in a press statement.

Scout24 initiated the sale under pressure from U.S. activist investor Elliott. AutoScout24 is active in a number of European countries and bills itself as the largest digital auto marketplace in the region.

The group plans to return the proceeds from the sale to its shareholder in a share buyback program worth 1.69 billion euros ($1.83 billion U.S.). The company will also initiate a large capital return program, which includes debt repayment of up to 780 million euros.

With its car unit gone, Scout24 will fully concentrate on its property listings unit, ImmoScout24, the largest real estate marketplace in Germany. The site sees around 14 million visitors each month. The business also operates an Austrian website, which reaches around 3 million visitors monthly.

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