General Atlantic-Backed SMG Taps Banks for Swiss IPO
(Bloomberg) — SMG Swiss Marketplace Group AG, which operates online real estate website ImmoScout24, has picked banks for an initial public offering that could value the firm at about $5 billion, according to people familiar with the matter.
The firm, which counts General Atlantic among its backers, is working with Goldman Sachs Group Inc., JPMorgan Chase & Co. and UBS Group AG on a Zurich IPO, said the people, who asked not to be identified as the information is private.
Deliberations are ongoing and SMG hasn’t reached any final conclusions about an offering, the people said.
SMG has recently taken initial steps to be ready for an IPO and has started talks with selected banks, a spokesperson for the company said. Shareholders haven’t yet made a decision on possible timing.
Representatives for General Atlantic, Goldman, JPMorgan and UBS declined to comment.
SMG has been exploring strategic options including an IPO or a sale, Bloomberg News reported in September. The firm brought in Evercore Inc. to help arrange a potential first-time share sale that could happen as soon as this year, people familiar with the matter have said.
The group was formed in 2021 when TX Group AG, Ringier AG, Mobiliar and General Atlantic launched a joint venture that combined multiple online platforms.
The Zurich-based company operates online marketplaces for real estate, automotive, finance and insurance. It also takes advertising on those platforms such as AutoScout24, tutti.ch, FinanceScout24. SMG employs almost 1,000 people in Switzerland, Serbia, Vietnam, France, Germany and India.
Ad businesses have attracted strong interest in recent months. German media group Ströer SE & Co. is in talks on a potential sale of its core advertising business after receiving interest from private equity investors, Bloomberg News reported in January.
In 2023, Blackstone Inc. and Permira agreed to buy Adevinta ASA in a deal valuing the online classifieds company at about €14 billion ($15.2 billion) including debt.
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