Sale of Springer majority stake

Sale of Springer majority stake

The parent company of science, business and media publisher Springer has sold its majority stake in the business to private equity firm BC Partners for an undisclosed sum.

EQT Partners and the Government of Singapore Investment Corporation, Springer’s parent owners, are thought to be keeping a 10% stake in the company between them following the sale to BC Partners, according to Reuters.

The news agency also reported an unconfirmed price of €3.3bn for the acquisition.

After the offer from BC Partners, Springer said it had decided to cancel an earlier arrangement to offer the publisher up for sale publically.

Derk Haank, c.e.o of Springer (pictured), said: “BC Partners has made an enhanced, and very attractive offer for our company. For this reason, my colleagues on the Springer Management Board and I consider this outcome in the best interest of the company, its employees, authors, editors and other stakeholders. We are a healthy, innovative and respected STM publisher and our leading position in fields such as open access, e-books and our growing presence in emerging markets is an excellent basis for our future success.”

Haank added that the company had “considerably increased sales revenues and profits in 2012” and expected to continue to grow further. “The group is particularly well positioned to benefit from key growth drivers in the STM market,” Haank said.

Reuters reported that the BC Partners buy represented the biggest private equity buy-out in Germany for seven years.