Axel Springer interested in full takeover of Purplebricks – sources

10 September 2019 - 12:45 pm UTC

Axel Springer [ETR:SPR] is interested in a full takeover of online estate agent Purplebricks [LON:PURP], two sources familiar with the situation told this news service.

Axel has mentioned its interest in the UK company in recent interactions, the two sources said.

The German media conglomerate has shown a lot of enthusiasm in Purplebricks since it acquired a 11.5% stake in the business for GBP 125m via a placement in March 2018, a banker tracking the situation said.

Axel has since more than doubled its ownership in Purplebricks to 26.6% after acquiring a further 14.2% stake worth EUR 49m, as reported.

Axel wants to buy Purplebricks and that rumour has been going around for some time, a third source said. Purplebricks may look to be bought out by “a bigger beast with bigger pockets” after a couple of months of flagging finances, this source added.

 

by Amy-Jo Crowley, Charlie Taylor-Kroll and William Cain in London

 

To read the full story click here for a free trial