EU clears Axel Springer's takeover by KKR, Canada's CPPIB


September 8 (SeeNews) - The European Commission (EC) on Monday approved the takeover of German media group Axel Springer SE by US investment company KKR & Co. Inc. (NYSE:KKR) backed by Canada Pension Plan Investment Board (CPPIB). 

The EU regulator ruled that the deal would not hurt competition because of the moderate combined market position in the areas where the companies' activities overlap, the Commission said on its website on Monday. 

KKR bought into Axel Springer in 2019 and has increased its interest since then to 47.62% of the share capital with only 0.9% being in free float.

In October 2019, CPPIB agreed to invest at least EUR 500 million (USD 590.6m) in KKR's holding firm that carried out a public offer for the shares of Axel Springer. 

The widow of the company founder, Friede Springer, and chief executive Mathias Doepfner together own 45.4% and the remaining 6% are held by the grandchildren of the founder, Melanie Springer and Axel Sven Springer. 

Last year, KKR agreed with Friede Springer and Doepfner to form a consortium following the successful closing of the takeover offer, so that they can jointly develop the media company and accelerate growth in the digital business. 

KKR is currently seeking a squeeze-out of the German media group. 

(EUR 1.0 = USD 1.181)

Related Businesses
- - Customer
Copyright © 2024 by CreditRiskMonitor.com (Ticker: CRMZ®). All rights reserved.  You are not permitted to use this report or the information contained herein for any purpose not expressly permitted by CreditRiskMonitor.com, Inc. Except as expressly permitted by CreditRiskMonitor.com, Inc., you are not permitted, in whole or in part, to copy, alter, correct, adapt, translate, enhance, lease, sell, sublicense, assign, distribute, publish, otherwise make available to any third party, or prepare derivative works or improvements of this report or any of the information contained therein. You are not permitted to reverse engineer, disassemble, decompile, decode, or adapt the software, algorithms or other processes used to prepare this report, or otherwise attempt to derive or gain access to the source code of same. You agree not to remove, alter, obscure, combine or otherwise change any disclaimers, trademarks, copyrights, other intellectual property rights, proprietary rights, or other symbols, notices, marks, or serial numbers on or relating to any copy of the report or on marketing or other materials that CreditRiskMonitor.com, Inc. may provide to you. You will not use this report in any manner or for any purpose that infringes, misappropriates, or otherwise violates any right of any party, or that violates any applicable law.  
The FRISK® scores, agency ratings, credit limit recommendations and other scores, analysis and commentary are opinions of CreditRiskMonitor.com, Inc. and/or its suppliers, not statements of fact, and should be one of several factors in making credit decisions.  Any reliance you place on the information in this report is strictly at your own risk. Except as expressly provided by CreditRiskMonitor.com, Inc., no warranties or representations of any type, including without limitation of results to be obtained, merchantability or fitness for a particular purpose, are made concerning any part of CreditRiskMonitor.com, Inc.’s service, including without limitation the FRISK® scores.  The information published above has been obtained from sources CreditRiskMonitor considers to be reliable.  CreditRiskMonitor.com, Inc. and its third-party suppliers do not guarantee or validate the accuracy and completeness of the information provided in this report, the underlying information input to create the FRISK® scores, and specifically do not assume responsibility for not reporting any information omitted or withheld.  By using this website, you accept the Terms of Use Agreement. 
Contact Us: 845.230.3000
Fundamental financial data concerning public companies may be provided by Refinitiv (click for restrictions)
Sunday, May 12, 2024