Published by Global Banking and Finance Review
Posted on January 22, 2025
By Amy-Jo Crowley and Emma-Victoria Farr
LONDON/FRANKFURT (Reuters) - Buyout groups Permira and Blackstone are weighing a multi-billion-euro initial public offering of German online auto marketplace Mobile.de, three people with knowledge of the situation said.
Mobile.de is a subsidiary of Norway's Adevinta, which was taken private in a 2023 $13.1-billion buyout by a consortium led by the two private equity shareholders.
The groups have been talking to advisers about a possible listing in 2026, two of the people said. One of the people said the company could be worth as much as 10 billion euros ($10.42 billion). A second person said a listing was likely to be in Frankfurt.
The talks are at an early stage and may not lead to a transaction, the people cautioned, who spoke on condition of anonymity because the matter is private.
Blackstone and Permira declined to comment. Mobile.de did not immediately return requests for comment.
A deal would mark one of the most significant divestments for Adevinta, which was once the world's biggest classifieds group, since it was taken private.
Mobile.de generated 400 million euros ($416.76 million) of revenue and 240 million euros in earnings before interest, tax, depreciation and amortisation in 2023, according to company results published on its website.
The shareholders are still working to separate the assets within Adevinta, which may take a year as it involves separating shared information technology systems, a fourth person said.
Adevinta has been pursuing sales of its holdings, including in Distilled, which owns property site Daft.ie.
($1 = 0.9598 euros)
(Reporting by Amy-Jo Crowley and Emma-Victoria Farr, editing by Anousha Sakoui and Rod Nickel)
