KKR in talks to acquire minority stake in Axel Springer
KKR has entered into talks with Axel Springer management and the Springer founding family to take the publishing corporation private.
The negotiations stipulate that KKR will make a public offer to shareholders of the company to acquire a minority share, according to a statement. Neither Friede Springer, who owns 42.6% of Axel Springer shares, nor chairman and CEO Mathias Döpfner will sell their stakes.
General Atlantic is one minority shareholder in the company with an 8.3% stake.
KKR has recently made several investments in the German media sector in a bid to form an independent German film studio that covers production, licensing and distribution. Acquisitions include production company Wiedemann & Berg Film, audiovisual media group Tele München Gruppe, film distributor Universum Film and production company I&U TV.
Axel Springer has been listed on the Frankfurt Stock Exchange since 1985. The company owns publications such as Die Welt, Bild and Business Insider.
The company reported revenues of €3.180bn for 2018 and an EBITDA of €737.9m. At the time of publication, the company was trading at €54.40 and had a market capitalisation of €4.87bn.
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