6/12/2019, 7:48 AM (Source: TeleTrader)
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KKR to buy Axel Springer minorities at €63 per share

Axel Springer SE announced on Wednesday it has entered an investment agreement with KKR & Co. Inc. to create a strategic partnership supporting the "long term growth and investment strategy of the German digital publishing house.

As a part of the arrangement, KKR will launch a public tender for all outstanding shares of Springer at a price of €63 per share, a 39.7% premium on the May 29 stock price and a 31.5% premium on the three-month average price. According to the deal, Springer will remain an European stock corporation, without any changes to the executive board leadership, which has expressed support for the agreement.

"The strategic partnership with KKR would enable us to pursue major growth opportunities by providing additional financial capabilities wile relieving the mere focus on short-term financial targers," CEO Mathias Doepfner​ said, adding Springer will retain its journalistic independence.

Breaking the News / MD