Germany's Axel Springer to sell online platform to TF1

Germany’s Axel Springer plans to sell its majority stake in online platform aufeminin S.A. to France’s TF1 news channel for 286 million euros ($335.4 million).

The publisher signed a put option on Tuesday to sell its 78 percent stake in aufeminin which runs a lifestyle website with news on topics such as fashion, beauty and healthcare.

“We have sold a non-core asset at a very, very attractive price,” finance chief Julian Deutz told reporters late on Tuesday.

Berlin-based Axel Springer, listed on Germany’s mid-cap index .MDAXI MDAX, earlier on Tuesday announced a purchasing price of 38.74 euros per share, a 45-percent premium on last Friday’s close.

Axel Springer expects a brief review of the planned transaction by labor representatives and then will sign a sale agreement, with the closing expected in the first quarter next year after a review by antitrust authorities, Deitz said.