The US private equity firm Hellman & Friedman has bought a 19.5% stake in Axel Springer from Deutsche Bank in a deal worth €350 million.
Axel Springer is the largest newspaper group in Europe and publishes the German dailies,
Bild and
Die Welt. Deutsche Bank acquired a 40% stake in the company last year after the now defunct Kirch Group failed to repay a loan against which shares had been used in collateral (see
Deutsche Bank Temporarily Takes 40% Axel Springer Stake).
The bank immediately sold a 10.4% stake to the publisher’s leading shareholder, Friede Springer (see Deutsche Bank Sells On 10% Stake In Axel Springer) but until now has been unable to secure a buyer for the rest of the holding.
Hellman & Friedman complimented Axel Springer for its “combination of an outstanding franchise and a strong management team” and believes that the company is well positioned to benefit from any rebound in the German advertising market.
Deutsche Bank plans to sell its remaining 10% stake in Springer back to the company under a share repurchase plan at a price of €54 per share.
