Deutsche Telekom, announced on Thursday that it would be selling its 70 percent stake of the online classified ad company, Scout24 to San Francisco-based Hellman & Friendman , a private equity firm that invests in a variety of portfolios from financial services, software and marketing  for 1.5 billion EU or equivalent to $2 billion USD. Other investments in its portfolio include the television ratings and market research company Nielsen, the reinsurer Paris Re and Kronos, an employment software provider. 

Asked to comment about the acquisition: "We see tremendous growth potential for the company, and look forward to continuing the Scout24 growth story over the years to come," said Patrick Healy, deputy chief executive of Hellman & Friedman. 

Upon transfer in the first quarter of 2014, Deutsche Telekom will continue to retain its 30 percent stake in Scout24 with the deal valued at 2 billion EU. The deal, which is still subject to a regulatory approval, represents the latest sale by a European telecoms firm as all are now in the lookout to streamline operations.

Deutsche Telekom CFO, Timotheus Höttges, informed the public that Scout24 allowed the company to pass along value immediately to its shareholders, while still continuing a meaningful equity stake for future profits.

"We are extremely pleased to announce this transaction, which represents the partial realization of the significant value we have created in the online investment strategy we have pursued over the last years," said René Obermann, Deutsche Telekom's chief executive. 

Financial advisers who took part on advising the deal consisted of representatives from Goldman Sachs and Jefferies while Hengeler Mueller acted as Deutsche Telekom's legal adviser.