New shareholdings alter the ownership structure

Mobiliar is significantly scaling back its stake in SMG, paving the way for the TX Group to acquire a holding just below the mandatory bid threshold. At the same time, the free float of the operator of major Swiss property portals is increasing, as SMG itself is buying back nearly one million of its own shares.

The transaction took place on 15 September 2026 via an accelerated book-building process. In the process, Mobiliar placed 7.5 per cent of SMG’s share capital, reducing its stake from 19.3 per cent to 11.8 per cent. TX Group acquired 3,426,731 shares at CHF 28.50 per share, investing around CHF 98 million. At the same time, SMG bought back 981,452 of its own shares.

For the market, this is more than just a reshuffling amongst existing shareholders. Through Homegate, Immoscout24, Flatfox and other platforms, SMG operates key digital gateways to the Swiss housing, property listings and transactions market. Any shift in the ownership structure there directly affects visibility, data power and revenue streams within the proptech and marketing sectors.

Just below the
threshold With this acquisition, the TX Group’s stake rises from 31.4 to 34.9 per cent. This remains below the statutory ‘opting-up’ threshold of 35 per cent and therefore does not trigger a mandatory offer. It is precisely this proximity that makes the transaction significant, as TX is expanding its influence without yet triggering the next formal escalation stage.

Mobiliar cites portfolio and risk diversification as the reasons for the sale. However, it is not withdrawing from the picture entirely. According to the announcement, it remains a significant shareholder in SMG, continues to be represented on the board of directors and has committed to a lock-up period of 180 days in connection with the placement.

More shares on the market
SMG also used the placement to buy back around 1.0 per cent of the issued share capital at the same price of 28.50 Swiss francs per share. The remaining shares offered by Mobiliar were allocated to institutional investors. According to the company, this increases the free float to just over 24 per cent.

This is significant for the property sector because, since the merger of Scout24 Switzerland with TX Group portals completed in 2021, SMG has grown into a dominant digital marketplace network. At the time of the IPO on 19 September 2025, the question of ownership was already a key issue. With this new transaction, it has once again become a strategic issue, now with TX holding a greater stake and the shares being slightly more widely tradable.