EQT's Springer Science aiming to raise €760m in IPO

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

Shares will be offered to institutional and private investors in Germany and Luxembourg - outside of these countries, the shares will be offered to institutional investors via private placements.

Goldman Sachs and JP Morgan will act as joint global coordinators and joint bookrunners.

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.

EQT and GIC were previously understood to be following a dual-track process, which would have seen the business either float or go to another private equity owner in an SBO – firms including Carlyle, KKR and BC Partners were put forward as potential buyers at the time. Springer Science was expected to change hands for between €3-4bn.

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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