Axel Springer SE (XTRA:SPR), controlled by KKR & Co. Inc. (NYSE:KKR), is in exclusive talks to offload a majority stake in French online car classifieds business Groupe La Centrale to US buyout firm Providence Equity Partners L.L.C., a statement showed on December 16, 2020. Axel Springer added it plans to retain a minority interest in the French company.

The financial parameters of the proposed deal were not disclosed. A final agreement would be signed after the required consultation with employee representative bodies. The transaction also needs antitrust clearances, which are expected in the first quarter of 2021.

The deal is seen to allow Axel Springer to focus on digital jobs and real estate classifieds through the Stepstone job site and Aviv group, which runs a number of real estate classified portals including Seloger in France, Immowelt in Germany and Immoweb in Belgium.