Axel Springer Digital Classifieds, a joint venture founded by Axel Springer and General Atlantic, announced that it has agreed to acquire Coral-Tell Ltd., the owner of Israel’s leading classifieds portal yad2, from Walla!. According to the deal, 100% of Coral-Tell’s stocks will be transferred to ASDC for a price of €165 million.
Founded in 2005, Tel Aviv-based yad2 leads the Israeli classifieds market, and says about 10,000 property and other small classifieds are placed on the site every day. It has now 100 employees led by CEO Yavin Gill More.
Axel Springer’s online classifieds businesses has been brought together under the roof of Axel Springer Digital Classifieds, with Axel Springer holding a 70 percent share. and General Atlantic holding 30 percent. Yad2 now joins Axel’s top classified businesses in Europe, like continental StepStone that operates in 20 countries, UK’s leading job portal Totaljobs, the French-language property portals SeLoger and Immoweb.be, and German Immonet and meinestadt.de.
Axel Springer Dr. Andreas Wiele, President Marketing and Classified Ad Models at Axel Springer said that yad2 is highly profitable and will complement Axel’s international classifieds portfolio. Yad2 Chairman Ilan Yeshua said they are convinced that the company and its employees will be “in good hands”. The deal will be finalized following the approvals of related authorities.
Axel Springer SE, one of the largest media groups in Europe, generated more than half of its revenues and earnings in digital activities in the Q1 of 2014, for the first time ever in company’s history.
Walla! is Israel’s leading portal and fully owned subsidiary of telecommunications giant Bezeq.