EQT and GIC opt for Springer Science IPO

BC was left as the sole bidder for Springer Science, which announced IPO plans last week. BC was understood to have made an offer of around €3.1bn, according to a source close to the situation. The firm was put forward as one potential buyer for the business earlier this year, alongside Carlyle and KKR.

Springer Science last week confirmed plans to list on the Frankfurt Stock Exchange before the summer break, but a straight sale to BC was still a possibility. EQT and GIC have now stated that they had always envisioned an IPO as the preferred option and have decided to focus exclusively on the listing.

EQT would remain a majority shareholder following the potential IPO. Springer Science is aiming to raise €760m as part of the listing, the proceeds from which would be used to further reduce the company's debt.

EQT acquired Springer Science from Candover and Cinven in 2009 in a buyout valued at €2.3bn. The deal also saw Singaporean sovereign wealth fund GIC invest for a minority stake. A €1bn debt package was arranged and underwritten by Goldman Sachs International, Unicredit, Barclays Capital and Deutsche Bank.

Springer Science is a technical, scientific and medical media publisher. The group posted revenues of €976.3m in 2012, with a €343.7m EBITDA.

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• DACH
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