German publisher Hubert Burda plans to exit its 30 percent stake in online pet supplies store Zooplus, according to a Reuters report.
Zooplus has seen shares rise 80% in the past year, valuing the company at EUR639 million (US$726 million). Its sales reportedly rose 34% in 2014 to EUR571 million. Because of its rapid growth, Burda’s digital chief Stefan Winners said, Burda would rather invest in expansion than pay a dividend.
"We want to invest in digital businesses that also make dividends possible," Winners told Reuters.
Burda said it intends to make its exit within the next two to three years.
