Germany’s United Internet has agreed to sell a stake in its web-hosting business to private equity firm Warburg Pincus, netting 450 million euros ($497 million) for the deal but delaying a public listing of the business beyond next year.

Under the agreement Warburg Pincus will take a 33 percent stake in the Business Applications unit and install Managing Director Rene Obermann, a former chief executive of Deutsche Telekom, on the unit’s supervisory board.

It values the business, which provides services including home pages and marketing tools to small and medium-sized companies and freelancers, at 2.55 billion euros including 1.2 billion euros of debt.

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