Mathias Döpfner, KKR Said Near Deal on Axel Springer Split
KKR in advanced talks to buy minority stake in Axel Springer unit.
Mathias Döpfner is in advanced talks to sell a minority stake in Axel Springer SE’s classified-ads business to KKR & Co., according to people familiar with the matter, in a deal that could value the unit at as much as 10 billion euros ($10.3 billion).
The transaction would see KKR acquire a stake of about 25% in the unit, which includes German property portal Immowelt and jobs site StepStone, the people said, asking not to be identified because the information is private.
Döpfner’s deal with KKR could value the unit at as much as $10.3 billion.
Döpfner, who is chief executive officer of Axel Springer, is exploring options for the classified-ads business as he seeks to focus on the company’s digital-media operations. The German publisher has been investing heavily in online news and entertainment, and Döpfner has said he wants to make Axel Springer a “global champion” in the digital space.
KKR is one of the world’s largest private-equity firms, with more than $450 billion in assets under management. The New York-based firm has been investing in Germany for more than two decades, and its portfolio includes companies such as Scout24 AG, the operator of Germany’s largest real-estate portal.
A deal between Axel Springer and KKR would be the latest in a series of transactions in the European classified-ads market. In 2020, Apax Partners LLP agreed to buy a majority stake in Scout24 for about 5 billion euros.
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