Private equity firm KKR had received its final merger clearance, the last hurdle in its buyout of German media group Axel Springer. The buyout began earlier this year when New York-based KKR acquired 44.28% of Springer shares, making it the Axel Springer’s largest shareholder.
Since then, Axel Springer has restructured its operations and trimmed its executive board. The German media giant is also planning to go private in the near future. At the same time, the company wants to grow its global business and is expected to make more acquisitions to build its sizeable portfolio.
The deal will be finalized by Dec. 27, according to a news release, at which point shareholders will receive €63 for each tendered share of Axel Springer.
Axel Springer is active in more than 40 countries, and operates dozens of classified sites and brands, including StepStone, TotalJobs, SeLoger, LaCentrale and Yad2.