Blackstone bid for Scout24 set to disappoint leveraged market

By Owen Sanderson
18 Feb 2019

Blackstone and Hellman & Friedman’s bid for German listings and classified ad group Scout24 is likely to disappoint the leveraged finance market in Europe, which is keen to see some jumbo event-driven supply. The firms are targeting a takeover of the group, but not as a full take-private structure — and with a large equity cheque cutting the likely debt volume on offer, as well as the leverage and price.

JP Morgan is advising the bidders, while Morgan Stanley is financial adviser to Scout24’s management board, and Citi is financial advisor to the supervisory board.

Banks have underwritten the debt, but the full syndicate and financing structure has yet to emerge.

The offer is targeting a ...

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