MUNICH, Dec 16 (Reuters) - German classifieds group Scout24 is set to sell its cars division AutoScout24 to private equity investor Hellman & Friedman, a source familiar with the plan told Reuters on Monday.
Scout24, which reluctantly initiated the sale process under pressure from activist investor Elliott, in October selected three private equity firms - Permira, Apax and Hellman & Friedman - to take part in the final round of the auction.
Sources familiar with the process have said AutoScout could fetch 2-2.3 billion euros ($2.2-2.5 billion).
The planned sale to Hellman & Friedman on Monday was first reported by Bloomberg.
$1 = 0.9073 euros Reporting by Alexander Huebner; writing by Thomas Seythal; editing by Sabine Wollrab and Michelle Martin