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IAC unit to buy controlling stake in German home services marketplace

IAC/InterActiveCorp's HomeAdvisor struck a deal to buy a controlling interest in German home services marketplace MyHammer Holding AG from Holtzbrinck Digital GmbH.

HomeAdvisor will acquire Holtzbrinck Digital's about 70% stake in MyHammer, as well as Holtzbrinck Digital's direct ownership stake in the principal operating subsidiary of MyHammer in a private transaction, according to an Oct. 10 news release. Financial terms of the deal were not disclosed.

Also, HomeAdvisor will buy the outstanding loans owed by the MyHammer companies to Holtzbrinck Digital. The deal, which is subject to regulatory approval in Germany, is expected to close in the fourth quarter.

Additionally, HomeAdvisor plans to commence a tender offer to acquire the remaining publicly held stake in MyHammer at a price of €5.14 per share. The tender offer will launch in the coming weeks, after receiving approval from German regulatory authorities.