KKR’s offer to buy out minority shareholders in Berlin-based media conglomerate Axel Springer has cleared its minimum acceptance threshold of 20%, both companies confirmed on Monday.

The details of the offer results are yet to be made public, but Axel Springer’s partnership with U.S. investor KKR will now be taken to the next level. This involves a plan to delist Springer.

“This is an important milestone for our planned strategic partnership with KKR,” Mathias Döpfner, CEO of Axel Springer, said. “We can thereby use additional opportunities and accelerate our growth and investment strategy.”

KKR’s buyout offer is supported by Axel Springer’s largest shareholder Friede Springer and CEO Döpfner, who have both not sold their shares. The duo will continue to control the company as part of their strategic alliance with KKR.

Shareholders who have not yet tendered their shares can still accept the offer, which was pitched at €63 ($73 U.S.) per share — valuing Springer at €6.8 billion ($7.6 billion U.S.).

“We are pleased that the attractive offer from KKR has been accepted,” CFO Julian Deutz said. “And we are optimistic that the remaining offer conditions can be fulfilled over the next months.”

KKR is expected to publish the exact results of the offer on Wednesday.

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