Ad hoc announcement - Munich, Germany, 6 November 2015, 8:46 CET - TOMORROW FOCUS AG has agreed to sell jameda GmbH, which operates a physician ratings portal by the same name, to Burda Digital GmbH. The deal will largely complete TOMORROW FOCUS AG's strategy of concentrating on digital transaction-based business models in the travel sector.
The provisional cash purchase price is EUR 46.8 million. Burda Digital made the highest offer in a bidding procedure involving around 40 companies. According to initial estimates based on carrying values as at 31 December 2015, the resulting book profit of the TOMORROW FOCUS Group under IFRS rules will be EUR 38.1 million. In the single-entity financial statements of the parent company TOMORROW FOCUS AG, drawn up under the accounting rules of the German Commercial Code (Handelsgesetzbuch, HGB), the book profit will be EUR 38.8 million. The deal is expected to close at the end of the year.
jameda is Germany's biggest physician ratings portal and one of the leading online platforms for booking appointments with physicians. jameda GmbH was formed in 2007. TOMORROW FOCUS AG acquired a majority shareholding in 2008 during the start-up phase and completed its takeover in 2011. In the financial year 2014, with around 40 employees, the Munich-based company generated revenue of EUR 4.1 million and EBITDA of EUR 1.1 million.
TOMORROW FOCUS AG plans to use some of the cash generated by the deal to drive further growth in its Travel segment.