BARCELONA, Nov 13 (Reuters) – German classifieds group Scout24 is pushing towards the conclusion of a sale process for cars division AutoScout24, CEO Tobias Hartmann said on Wednesday, ahead of an update to investors at a capital markets day on Nov. 26.
“It’s self-explanatory that we need to draw a conclusion at some point,” Hartmann told the Morgan Stanley European TMT Conference in Barcelona, when asked whether the process would be wrapped up this year.
“We are driving the process and think we will get to a result at some point,” he said, declining to be drawn into what that outcome would be.
Scout24, which reluctantly initiated the sale process under pressure from activist investor Elliott, last month selected three private equity firms – Permira, Apax and Hellman & Friedman – to take part in an auction.
Sources familiar with the process say AutoScout could fetch 2-2.3 billion euros ($2.2-2.6 billion) while Elliott has estimated the business is worth 2.5 billion euros. (Reporting by Douglas Busvine; editing by Jason Neely)