KKR targets classified biz control in $22b Axel Springer split: FT
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The news: Axel Springer and KKR are close to finalising a €13.5 billion ($22.29 billion) split of the German media giant, the Financial Times reported citing unnamed sources.
The numbers: KKR would gain majority control over Axel Springer's classifieds business, valued at over €10 billion, while German billionaire CEO Mathias Döpfner would cement his control of the company’s outlets, including Politico, Business Insider and Bild, the paper said.
Discussions on the structure of the deal, which values the whole company at €13.5 billion, are expected at a supervisory board meeting next week.
The context: The potential deal would mark KKR's exit from Axel Springer following a five-year partnership that began with a €6.7 billion buyout in 2019.
Döpfner’s strategic focus appears to be expanding his influence in the US media market. An official announcement is expected next week, but finalising the deal may take months.
Axel Springer and KKR have declined to comment to the FT.
The source: The Financial Times
