Bertelsmann, the Germany-based global media group, is selling its scientific publishing arm, BertelsmannSpringer, to UK venture capitalist groups, Cinven and Candover.
The two groups will pay €1.05 billion (£700 million) for the BertelsmannSpringer division, which comprises 70 different publishing companies. This deal will given the two private equity firms one of Europe’s largest publishers of specialist scientific and business journals, with a combined roster of 700 magazines and 4,000 book releases per year.
In 2002, BertelsmannSpringer generated total revenues of €731 million and operating EBITA of €71 million. The group has operations in 16 countries, with over 5,000 employees.
The money netted by Bertelsmann will be ploughed into a debt mountain which currently stands at around €2.7 billion.
