press release

Feb 26, 2020

Ringier Axel Springer Media AG expands classifieds business in Poland: acquisition of Gratka.pl and tender offer for MZN Property S.A. announced

Ringier Axel Springer Media AG expands its classifieds business and activities in Poland: The company will acquire 100 percent of the shares of Gratka.pl, one of the largest and most popular generalist classifieds services in Poland, from HKM GmbH, owner of Polska Press Group. At the same time, Ringier Axel Springer Media AG has announced a tender offer to purchase all outstanding shares in MZN Property S.A. – owner of Morizon.pl, one of the largest real estate classifieds services in Poland and Lendi.pl – provider of innovative financial services. ?

The tender offer price for MZN Property S.A. will be PLN 1.97 per share in cash. Shareholders will receive a premium of 103 percent to the closing price of PLN 0.97 per share on 25 February 2020. The subscription periodwill last from 23 March 2020 to 24 April 2020. Shareholders holding together 64.33 percent in MZN Property S.A. have already committed to Ringier Axel Springer Media AG to participate in the tender offer. The management team of MZN Property S.A. will continue to manage the company and to hold a minority shareholding.

 

Mark Dekan, CEO of Ringier Axel Springer Media AG: We are already a leading classifieds provider in Slovakia, Serbia, Hungary and the Baltics. We believe that the combination of our international know-how, Gratka’s and Morizon’s market experience will enable us to further strengthen both brands and create a strong number two in the Polish real estate classifieds Market.

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Jaros?aw ?wi?cicki, CEO of MZN Property S.A.: In Ringier Axel Springer Media AG, we have found a reliable strategic partner with whom we share the same vision of how to further develop and strengthen our range of both classified and financial services. The Management Board of MZN Property S.A. welcomes this partnership. The tender offer announced today confirms a well-chosen strategic path, beneficial to our employees and shareholders, giving our investors a possibility to achieve premium since entering the main floor of the Warsaw Stock Exchange.

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Dorota Stanek, CEO of Polska Press Group: We are confident that the service we have successfully operated for 20 years will continue to develop dynamically its market position drawing on the established position of Ringier Axel Springer Media AG as well as its international experience and know-how.

 

The tender offer will be subject to various customary conditions, including the receipt of regulatory approvals such as merger control, and a minimum offer acceptance of 66 percent of MZN Property S.A.’s share capital.

Gratka.pl is one of the largest and most popular classified services in Poland. In 2019, it presented, per month on average, 760 000 listings in the following categories: real estate, automotive, jobs and general classifieds. The company cooperates with real estate agencies and developers, as well as car dealers and automotive retailers. In 2019, on monthly average, Gratka.pl was visited by 2.8 million real users, who generated over 63 million page views (Gemius/PBI, Jan-Dec 2019).

MZN Property?is the one of the largest providers of online real estate related services in Poland. The Group’s most important and largest real estate service is Morizon.pl with over 350 000 classified ads and 1.2 million unique users per month.

In April 2016, the Group was expanded by FinPack – provider of innovative solutions for financial advisors, real estate agencies and individual customers, significantly facilitating and shortening the procedure for selecting and obtaining a mortgage. At the turn of 2017 and 2018, the Group launched another project, Lendi – a distribution platform for mortgage and cash loans, as well as a franchise network of stationary credit experts.

Ringier Axel Springer Media AG was established on July 1, 2010 as a joint venture between Ringier AG and Axel Springer SE in order to combine their international operations in Central and Eastern Europe. Today, Ringier Axel Springer Media AG manages an extensive portfolio of more than 200 digital and print products in the expanding markets of Poland, Hungary, Slovakia, Serbia, Estonia, Lithuania and Latvia. Its International Office is based in Zurich, Switzerland and has approximately 3100 employees in Europe.

In Poland, Ringier Axel Springer Media AG started its activity in the area of classifieds in 2018, investing in NoFluffJobs – platform for IT employees. In 2019, Ringier Axel Springer Media AG launched StepStone, an international job matching platform, in Poland. More broadly, in the region, Ringier Axel Springer Media AG is the owner of leading classifieds portals in Slovakia, Serbia, Hungary and the Baltics.

 

 

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