EQT and GIC acquire Springer from Cinven and Candover
Posted on 12/14/2009
According to the press release, “The Board of Directors of Springer Science+Business Media (Springer Group), composed of Springer executives and representatives of Cinven and Candover, have agreed to accept an offer from and have signed a sales agreement with a partnership of EQT, a private equity investor based in Sweden, and GIC, a Singapore-based co-investor, for all shares of the Springer Group. The Springer Group is the world’s second largest scientific, technical and medical (STM) publisher and a leader in the digitalization of scientific information.
Furthermore, EQT and GIC have agreed to inject new equity into the Springer Group, to strengthen its balance sheet and decrease the overall cost of funding. A refinancing agreement with a syndicate of banks will give the Springer Group medium-term stability by removing imminent potential refinancing issues.
The acquisition is subject to examination and approval by European, US and national competition authorities. This process is expected to be finished by mid to late January or early February 2010.
Derk Haank, Springer’s CEO, said, “The Springer Executive Management Team has had constructive and collegial discussions with EQT. I am confident that this marks the beginning of a new exciting and successful chapter for us and for our new partners at EQT and GIC. The sale will allow us to move our ambitious and ongoing ‘e’ strategy forward, and to invest more heavily for our stakeholder’s benefit – this is the best solution for the company, our employees and shareholders.”
Financial advisors to the Springer Group were Goldman Sachs with Freshfields Bruckhaus Deringer acting as legal counsel.
Springer Science+Business Media is a leading global scientific publisher, delivering quality content through innovative information products and services. The company is also a trusted provider of local-language professional publications in Europe, especially in Germany and the Netherlands. In the science, technology and medicine (STM) sector, the group publishes around 2,000 journals and more than 6,500 new books a year, and has the largest STM eBook Collection worldwide. Springer has operations in about 20 countries in Europe, the USA, and Asia, and has more than 5,000 employees. In 2008, it generated annual sales of around EUR 892 million.”
read more: Press Release