Hellman & Friedman and Blackstone win over Scout24 for €5.7bn

Hellman & Friedman and Blackstone have won over Scout24 on Friday after they raised their bid to $6.4bn including debt.

The investors said Scout24’s management and supervisory board supported the bid of €46 a share. Last month, the German company rejected an offer of €43.50 per share.

The sweetened 46 euro-a-share bid from Hellman & Friedman and Blackstone Group LP which gives Scout24 an equity value of €4.9bn will help the company better challenge rivals and grow across Europe, said Scout24 CEO Tobias Hartmann according to Bloomberg.

The offer shows a "joint long-term vision and ambition to turn Scout24 into a leading European digital player,” Hartmann said.

After being approached last year, Scout 24 hired Morgan Stanley to explore its options. Other groups also vied to buy all or parts of Scout24.

The bid will be made formally through a holding company called Pulver BidCo.

Scout24 shares rose as much as 13% on Friday. The renewed offer is 11 % higher than Thursday’s closing price.