11/18/2009 | XING
Hamburg, November 18, 2009 - Burda Digital GmbH informed the XING AG Executive Board that it has purchased a total of 1,323,041 shares of Cinco Capital GmbH. With a 25.1% equity holding, the subsidiary of Hubert Burda Media is thus the largest shareholder of XING AG. Burda Digital GmbH, 100-percent subsidiary of Hubert Burda Media, informed the XING AG Executive Board that it has purchased a total of 1,323,041 XING AG shares from Cinco Capital GmbH. With a 25.1% equity holding, the subsidiary of Hubert Burda Media is thus the largest shareholder of the public company XING AG.
“We welcome Hubert Burda Media as new primary shareholder for XING. Burda is an experience investor with years of Internet experience, and we're looking forward to working with them," said Dr. Stefan Gross-Selbeck, CEO of Hamburg-based XING AG. “We as well as Burda Digital see a great deal of market potential for further growth."
Hubert Burda Media is a leading European media group, and has invested in digital business continually for over a decade. In 2009, approximately 25% of the group’s total revenues are in the digital segment. “This participation is an important step in the process of expanding the digital activities of the company,” explained publisher Dr. Hubert Burda. The company participates in 41 growth companies in the online segment. Particularly successful are the activities of the ConsumerTech Group, featuring CHIP, COMPUTERUNIVERSE.NET, and CYBERPORT, and the TOMORROW FOCUS group with HOLIDAYCHECK and ELITEMEDIANET. Furthermore, participations in GLAM MEDIA, GAMEDUELL and ZOOPLUS showed positive developments in 2009. "We have a great deal of respect for the entrepreneurial work by XING AG in creating and developing XING, and look forward to working together to expand the online platform," said Dr. Paul-Bernhard Kallen, member of the board (technology, finances, international).
XING AG (ISIN: DE000XNG8888) is the leading European online business network. Over 8 million members use XING in 16 languages to do business, find jobs, and pursue a career. XING helps members get connected and stay in touch with their contacts with customized networking solutions and services. Members are active on XING because of the real value generated, with XING Jobs, over 30 thousand specialized groups, and over 90 thousand live networking events a year, organized by members for members.