Two private equity firms, EQT V and GIC, agreed to acquire to acquire 100% of Springer Science+Business Media from its current owners, Candover and Cinven.
EQT V, an European private equity fund, intends to acquire a 82% stake of Springer; GIC Special Investments, the private equity arm of the Government of Singapore Investment Corporation, a 18% stake (GIC).
Springer Science+Business Media is one of the world’s largest scientific, technical and medical (STM) publisher. The company is also a trusted provider of local-language professional publications in Europe, especially in Germany and the Netherlands. The group publishes around 2,000 journals and more than 6,500 new books a year, as well as the largest STM eBook Collection worldwide.
Springer has operations in about 20 countries in Europe, the USA, and Asia, and has more than 5,000 employees.
EQT V intends, together with Springer’s management and GICSI, to drive the transformation to the publisher as well as to further expand the market leading Scientific Techncial and Media (STM) book publishing business.
The transaction is subject to customary conditions, including regulatory approvals. It is expected to close by late January, early February 2010, and will result in the full repayment of all existing debt facilities.