FRANKFURT (Reuters) – German publisher Axel Springer said on Wednesday that it entered exclusive negotiations to sell a majority stake in French car classifieds firm Groupe La Centrale to buyout group Providence Equity Partners.

The deal is part of Axel Springer’s strategy of streamlining its classifieds portfolio to focus on jobs site Stepstone and property classifieds group Aviv, known for sites such as Seloger and Immowelt, it said, adding that it would retain a minority shareholding in Groupe La Centrale.

Financial terms of the deal were not disclosed.