German media empire Axel Springer will be split in two under a deal between CEO Mathias Doepfner and private equity firm, the company said on Thursday.
Sources told Reuters the sides currently value the whole company at 13.5 billion euros with the classifieds business accounting for the lion's share of it at around 10 billion euros.
Axel Springer's profitable classifieds businesses are to become separately held entities under U.S. firm KKR and Canada's CPP Investments majority ownership, the German media group said in a statement. Axel Springer said a final agreement on the split was expected in the coming months, with the transaction expected to close in the second quarter of next year.
The deal to split Springer would hand the group's media assets to Doepfner and members of the Springer family, including the 82-year-old Friede Springer, Axel's widow, who consolidated control over the business after his death in 1985, before gradually transferring power to her anointed successor Doepfner.
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