Scout24, the operator of Germany’s largest real estate marketplace ImmoScout24, said Monday it was planning to change its legal form into a European Stock Corporation (Societas Europaea, SE). Shareholders will vote on the measure at the company’s annual general meeting, which is set to take place in July.

“The change of legal form is intended to underline Scout24’s positioning as a future-oriented European technology company. The SE is a supranational, European legal form that is an excellent fit for a modern and internationally oriented company with an international employee structure,” the company said in a news release.

Shareholders of Scout24 AG will automatically become shareholders of Scout24 SE. Financial reporting will not be affected by the conversion and the supervisory board and the management board will remain separate units.

The news comes one week after Scout24 published its Q4 results which saw consolidated revenues inch up 1.6% to €91.2 million ($110.7 million U.S.). For 2021, the company expects growth in the mid to high single-digit percentage range.

The Munich-based classifieds group is one of the leading digital companies in Germany with ImmoScout24 attracting around 13.8 million users per month. The marketplace also operates in Austria, where it has been active since 2012.

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