Axel Springer with Purplebricks to focus on 'hybrid agents'

Axel Springer, a media company that runs property portals, is aiming its attention on hybrid agents.

Only recently did the company put a £125m investment in Purplebricks while joining the property portal to help acquire Homeday, a German estate agency. The two companies had also announced they would be joining to create a new joint company, NewCo, to aide in the Homeday acquisition further by buying a 22% stake in the German company.

Axel Springer last March paid £125m for an 11.5% stake in Purplebricks, paying £3.60 a share.

It later upped its stake to 12.5%, buying 3m more shares at £3.07 each in July.

Most recently, the shares were worth a lot less than Axel Springer paid, finishing the day at about 163p.

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