FRANKFURT (Reuters) – German media group ProSiebenSat.1 Media <PSMGn.DE> said that its Nucom e-commerce unit was taking control of Aroundhome, an online broker for home services and products, in a deal valued at 140 million euros(125.01 million pounds).
As part of the transaction, investment company General Atlantic will swap its direct stake in Aroundhome for an increased holding in Nucom which will rise to 28.4 percent from 25.1 percent, ProSieben said in a statement on Monday.
ProSieben and General Atlantic joined forces last year to develop the broadcaster’s portfolio of e-commerce assets bundled into Nucom, which comprises 10 companies, as part of a strategy to offset weakness in its core TV business.
In the deal for Aroundhome, formerly called Kaeuferportal, Nucom will raise its stake to 94 percent from 42 percent. It will acquire 42 percent from General Atlantic by way of a share swap, and a further 10 percent from Aroundhome’s founders.
Aroundhome CEO Robin Behlau will retain a 6 percent stake and continue to run the company.
(Reporting by Douglas Busvine; editing by Thomas Seythal)