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Credit Suisse, Deutsche Bank, Morgan Stanley and Nomura are leading the deal alongside Barclays and JP Morgan. A bank meeting is set to take place on February 4 to show the financing to investors, when pricing is set to emerge.

AutoScout24 which operates in Germany, Italy, the Netherlands, Belgium and Austria. LONDON: Banks have launched a 1.15bn leveraged loan financing to back Hellman & Friedman’s acquisition of AutoScout24, the digital motor vehicles unit of German classifieds group Scout24, banking sources said.
The first lien loan is offered with 101 soft-call protection for six months, while the second lien loan is offered at 102, 101, par.

  • Reuters
  • January 31, 2020, 09:21 IST

Credit Suisse, Deutsche Bank, Morgan Stanley and Nomura are leading the deal alongside Barclays and JP Morgan.
The covenant-lite financing comprises an 815m seven-year first-lien term loan, a 285m eight-year second-lien term loan and a 50m revolving credit facility.
Scout24, which initiated the sale under pressure from US activist investor Elliott, in October selected three private equity firms – H&F, Permira and Apax – to take part in the final round of the auction.
Lenders have been asked to commit to the loan by February 14.

Elliott argued that Scout24’s auto and property listings businesses had few synergies. It says ImmobilienScout24 could command a standalone valuation of 5bn, while AutoScout24 was around 2.5bn, reported previously.

Credit Suisse, Deutsche Bank, Morgan Stanley and Nomura are leading the deal alongside Barclays and JP Morgan.

Softbank-backed used-car dealing platform Auto1 had offered to buy AutoScout in the past, only to be turned down by Scout24 earlier this year.

FRANKFURT (Reuters) – German classifieds group Scout24 ( G24n.DE ) has picked three private equity firms for the second round of bidding for its autos unit AutoScout24, people close to the matter said on Thursday.
AutoScout24 – which operates in Germany, Italy, the Netherlands, Belgium and Austria – bills itself as the largest automotive digital marketplace in the European Union. It lags eBay’s ( EBAY.O ) mobile.de in its home market, however.

U.S. activist investor Elliott has argued that Scout24’s auto and property listings businesses have few synergies. It says ImmobilienScout24 could command a standalone valuation of 5 billion euros, while AutoScout24 could fetch up to 2.5 billion euros.
A joint bid by private equity houses Hellman & Friedman and Blackstone to take over Scout24 in its entirety failed in May after a share-price rally squeezed the premium on offer.
Scout24 and the bidders declined to comment or were not immediately available for comment.
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Two people familiar with the matter said Auto1 had not made an offer on its own this time around, while a third person said that it joined forces with Hellman & Friedman in the bidding for AutoScout.

Permira, Apax and Hellman & Friedman have been allowed to proceed in the auction for the unit, which is expected to value AutoScout at 2-2.3 billion euros ($2.2-2.6 billion), they added.

German classifieds group Scout24 has picked three private equity firms for the second round of bidding for its autos unit AutoScout24, people close to the matter said on Thursday.