Hengeler Mueller advises Axel Springer SE on delisting

24. January 2020

Axel Springer SE plans to withdraw from the stock exchange (delisting) and has therefore signed an agreement with Traviata B.V., a holding company owned by funds advised by investment firm Kohlberg Kravis Roberts (KKR).

In accordance with the agreement, Axel Springer SE will make a respective application for the withdrawal from the regulated market of the Frankfurt Stock Exchange (Prime Standard). Before the application, KKR will submit a public purchase offer for all remaining shares of the company with an offer price amounting to EUR 63 in cash per share.

To support a long-term growth strategy, Axel Springer (again with advice from Hengeler Mueller) and KKR entered into an investment agreement for a strategic partnership in 2019. In this context KKR has acquired almost 45 percent of Axel Springer’s share capital mainly through a public purchase offer and formed a consortium with the main shareholder Dr. h.c. Friede Springer and shareholder and CEO Dr. Matthias Döpfner.

Hengeler Mueller advises Axel Springer SE on the delisting. The team includes partners Andreas Austmann and Carsten Schapmann as well as associates Adrian Cavin and Jesco Lindner (all Corporate/M&A, Düsseldorf).