Bertelsmann averts IPO
Bertelsmann is buying back the stake held by minority shareholder Groupe Bruxelles Lambert for 4.5 billion euros.
The Bertelsmann media group has prevented a partial IPO: The company is buying back the stake held by minority shareholder Groupe Bruxelles Lambert (GBL) for 4.5 billion euros. The buyback of the 25.1 percent stake is to be completed on July 1, the groups announced in a joint press release on Thursday. The buyback will be financed with an interim loan from several banks, which is to be repaid with the current business and the proceeds from the planned sale of BMG Music Publishing.
GBL acquired a stake in Bertelsmann in 2001 and was contractually guaranteed the right to float the stake on the stock exchange. The Bertelsmann Foundation, which was founded by company patriarch Reinhand Mohn, holds 57.6 percent of the shares, while the Mohn family holds the remaining 17.3 percent. According to the news agency SDA, GBL's share package had previously been estimated at 3.5 billion euros.
GBL acquired a stake in Bertelsmann in 2001 and was contractually guaranteed the right to float the stake on the stock exchange. The Bertelsmann Foundation, which was founded by company patriarch Reinhand Mohn, holds 57.6 percent of the shares, while the Mohn family holds the remaining 17.3 percent. According to the news agency SDA, GBL's share package had previously been estimated at 3.5 billion euros.
