GIC to sell Springer Science+Business

EQT bought 82% and GIC 18% of Springer in 2010 for about EUR2.3 billion, including debt.

They hoped to receive EUR3.5 billion for the company, and were considering an IPO after rejecting the initial EUR3.1 billion offer from BC Partners.

Berlin-based Springer is a global scientific, technical and medical publisher and operates in 22 countries spanning five continents. It sells journals, databases and books to academic research libraries and corporate customers. The group employs more than 7,000 individuals across the globe.

It had sales of EUR981 million last year, and EBITDA has risen by 12.6% a year to EUR341 million in 2012. This is Springer's third leveraged buyout in a decade. In 2003, Cinven and Candover created the company through the EUR1.7 billion merger of BertelsmannSpringer and Dutch publisher KAP. It was then bought by GIC and EQT in 2010.

BC Partners plans to "support the continued growth of Springer globally by further expanding its core subscription business as well as focusing on traditionally high-growth areas such as open access publishing and emerging markets," the firm said. The deal is expected to close in August 2013.

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• Topics
• Exits
• Europe
• Southeast Asia
• GIC Special Investments
• Exit
• Singapore