May 1, 2019 / 11:39 AM / 5 months ago

Axel Springer to sell stake in @Leisure to India's OYO for $202 mln

BENGALURU, May 1 (Reuters) - German media company Axel Springer said on Wednesday it would sell its majority stake in European vacation rental group @Leisure to Indian hotel startup OYO for 180 million euros ($202.19 million).

The transaction will include the repayment of a shareholder loan of around 60 million euros and is expected to close in June, Springer said here in a statement.

The acquisition will help SoftBank Group Corp -backed OYO expand its Homes business, which will now have more than 100 million vacation rentals and urban homes.

Europe will be OYO’s largest market accounting for up to 40 percent of total supply.

OYO, which raised $1 billion last year, now has presence in more than 800 cities across 24 countries including the United States, UK, India, China and Japan.

Sources told Reuters last month that home-renting company Airbnb would invest between $100 million and $200 million in OYO.

Springer, best known as the publisher of the Bild tabloid, said it was selling @Leisure to focus more on its classifieds media business.

@Leisure manages holiday homes, holiday parks and holiday apartments across Europe and has a total inventory of more than 300,000 rooms. ($1 = 0.8902 euros) (Reporting By Arnab Paul in Bengaluru and Aditi Shah in New Delhi; Editing by Subhranshu Sahu)

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