Insiders

Canada's CPPIB to join KKR in building Axel Springer stake

October 15, 2019 at 01:03 pm EDT

(Reuters) - Canada Pension Plan Investment Board (CPPIB) said on Tuesday it will invest at least 500 million euros ($551.95 million) in a KKR & Co Inc-owned holding firm conducting a public tender offer for the shares of German publisher Axel Springer.

In August, KKR became the biggest shareholder of Axel Springer, paying 2.9 billion euros for a 43.54% stake.

CPPIB said on Tuesday the investment by its European subsidiary will happen in the coming months and is subject to regulatory approvals.

The stakebuilding by KKR was done in concert with Friede Springer, the widow of the company's name-sake founder, and is aimed at taking the publisher private by the end of the year or in the first quarter of 2020.

(Reporting by C Nivedita in Bengaluru; Editing by Shinjini Ganguli)

Stocks treated in this article : Axel Springer SE, KKR & Co. Inc.

Stocks mentioned in the article

	Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
	AXEL SPRINGER SE	55 EUR	+7.84%	+0.73%	8.59B
	KKR & CO. INC.	95.84 USD	-1.49%	-5.72%	86.1B

Friede Springer

Friede Springer is Chairman-Executive Board at Axel Springer Foundation and Managing Director at Axel Springer Gesellschaft fuer Publizistik GmbH & Co. He is also on the board of Axel Springer SE and Chairman-Executive Board at Friede Springer Stiftung.

View full profile