Springer has been listed on the stock exchange since 1985. The company says that going private will free it from focusing on short-term financial targets. The publisher now plans to grow its digital business through strategic investments and ambitious add-on acquisitions.
“Axel Springer plans to withdraw from the stock exchange. A respective application will be made at the Frankfurt Stock Exchange prior to the expiration of the acceptance period of the delisting offer,” the media group said.
The move marks a significant milestone for Springer and New York-based KKR, which acquired approximately 44.9% of Axel Springer’s share capital as part of a public tender offer that closed last year.
Chief executive Mathias Döpfner and Friede Springer, the widow of the company’s founder, both supported the buyout. Together, the duo control a 45.5% stake in Springer and will not tender their shares into the delisting offer. Both Springer and Döpfner will continue to lead the company as part of their agreement with KKR.