The company hopes to gain €1.5 billion from the sale.

United Internet is looking to sell two of Germany’s top email providers, GMX and Web.de, for around €1.5 billion ($1.52 billion), according to a report in Reuters. With approximately 67 million accounts, United Internet AG is a ‘leading European internet specialist’, according to the company.

United Internet

The information was originally published in Germany’s Handelsblatt newspaper on Thursday, citing sources familiar with the matter. Potential buyers could bid for either a minority or majority stake in the company’s consumer applications division, according to the report.

It said United Internet’s founder and chief executive, Ralph Dommermuth, could use the sale as a way to generate capital to develop the group’s own 5G network, which would end the group’s reliance on leasing out infrastructure from competitors.

Perella Weinberg, the investment bank in charge of the sale, sent out information packages to potential bidders in May, sources told Handelsblatt. The first bids are expected in the coming days, with a deal to be signed as early as autumn. United Internet was not immediately available for comment, according to Reuters.

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