Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.
BREAKING NEWS

KKR becomes Axel Springer's biggest shareholder

KKR becomes Axel Springer's biggest shareholder
FILE PHOTO: Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid -
Copyright
Brendan McDermid(Reuters)
Euronews logo
Text size Aa Aa

BERLIN (Reuters) – KKR <KKR.N> has become the biggest shareholder of German media group Axel Springer <SPRGn.DE>, paying 2.9 billion euros (£2.6 billion)for a 43.54% stake, the U.S. private equity firm said on Monday.

The stakebuilding by KKR in concert with Friede Springer, the widow of the company’s founder, and CEO Mathias Doepfner is aimed at taking the publisher private by the end of the year or in the first quarter of 2020.

KKR achieved a 42.5% stake with its tender to buy out minority shareholders and bought a further 1.04% on the market, putting it ahead of Friede Springer’s 42.6% and Doepfner’s 2.8%.

The buyout offer, at 63 euros per share, valued the business at 6.8 billion euros, representing a 40% premium to the share price preceding the June 12 offer.

Once private, Springer hopes to gain greater freedom to build its digital portfolio and look for acquisitions away from the eye of sceptical equity markets.

“The results from the offer provide a very strong foundation for the planned strategic partnership with KKR,” Doepfner said in a statement.

“We will concentrate in the coming months on implementing and accelerating our growth strategy.”

(Reporting by Anneli Palmen and Klaus Lauer; Writing by Emma Thomasson; Editing by David Goodman)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.