Burda Digital Buys 25% Stake in Business Social Network Xing

Authored by Mark Hefflinger on November 18, 2009 - 10:58am.

Hamburg, Germany - European media group Hubert Burda Media's Burda Digital unit on Wednesday announced that it has acquired a 25% stake in business-focused online social network Xing.

The 1.3 million shares were acquired by Burda from Cinco Capital in a deal valued at about $48.3 million, and make Burda Xing's largest shareholder.

Xing counts over 8 million members in Europe.

"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.

"We as well as Burda Digital see a great deal of market potential for further growth."

Related Links:
http://snipurl.com/tawir

http://www.burdadigital.de

http://www.xing.com