Springer Group has agreed on purchase offer with investors
The Board of Directors of Springer Science+Business Media (Springer Group) has reached an agreement with EQT, a private equity investor from Sweden, and GIC, a co-investor from Singapore, on a purchase offer and has signed a corresponding agreement. The purchase offer applies to all shares of the Springer Group.
The negotiations on the part of Springer were conducted by parts of the Springer management and the owners of the Springer Group, Cinven and Candover. Springer is the world's second-largest publishing group in the field of science, technology and medicine (STM) and a leader in the provision of electronic content from science and research.
According to the agreement, EQT and GIC have agreed to invest new capital in the Springer Group to strengthen its balance sheet and reduce overall financing costs. A refinancing agreement with a syndicate of banks will pre-empt an imminent refinancing and ensure Springer's medium-term financial stability. The acquisition is subject to review and approval by European and US competition authorities. The review is expected to be completed in mid to late January or early February 2010, according to a Springer press release on Friday.
Springer CEO Derk Haank said: "The discussions between Springer's management and EQT have been constructive and collegial. I am confident that this marks the beginning of an exciting and successful new chapter for us and our new partners at EQT and GIC. Our customers and partners in particular will benefit from further investments in this area. This is the best solution for the company, our employees and shareholders." Springer-Springer was advised by Goldman Sachs and Freshfields Bruckhaus Deringer.
Springer Science+Business Media is a leading international scientific publisher. The publishing group is also a provider of specialist publications in Europe, particularly in German-speaking countries and the Netherlands. In the field of Science, Technology, Medicine STM, the company publishes around 2,000 journals and more than 6,500 new books annually. It has the world's most extensive STM eBook collection. With over 5,000 employees, the Group has branches in around 20 countries in Europe, the USA and Asia. In 2008, Springer achieved an annual turnover of around 892 million euros.
According to the agreement, EQT and GIC have agreed to invest new capital in the Springer Group to strengthen its balance sheet and reduce overall financing costs. A refinancing agreement with a syndicate of banks will pre-empt an imminent refinancing and ensure Springer's medium-term financial stability. The acquisition is subject to review and approval by European and US competition authorities. The review is expected to be completed in mid to late January or early February 2010, according to a Springer press release on Friday.
Springer CEO Derk Haank said: "The discussions between Springer's management and EQT have been constructive and collegial. I am confident that this marks the beginning of an exciting and successful new chapter for us and our new partners at EQT and GIC. Our customers and partners in particular will benefit from further investments in this area. This is the best solution for the company, our employees and shareholders." Springer-Springer was advised by Goldman Sachs and Freshfields Bruckhaus Deringer.
Springer Science+Business Media is a leading international scientific publisher. The publishing group is also a provider of specialist publications in Europe, particularly in German-speaking countries and the Netherlands. In the field of Science, Technology, Medicine STM, the company publishes around 2,000 journals and more than 6,500 new books annually. It has the world's most extensive STM eBook collection. With over 5,000 employees, the Group has branches in around 20 countries in Europe, the USA and Asia. In 2008, Springer achieved an annual turnover of around 892 million euros.
