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EQT, GIC hire investment banks for Springer Science exit

10 Oct 2012

European buyout firm EQT and Singapore sovereign wealth fund GIC are reported to be in the process of hiring banks to explore exit options for Springer Science and Business Media, the world’s second-largest publisher of scientific research journals.

Sky reported the news on Wednesday, citing people close to the situation.

The company, which made about £250m of profit last year, is likely to be valued at £2.5bn or more when a formal sale process begins next year, the report said.

EQT and GIC are expected to run a dual-track process, which could result in either an IPO or a sale.

EQT Partners and GIC Special Investments bought Springer Science for about €2.3bn in December 2009 from buyout firms Candover and Cinven, following months of bidding by rival parties.

EQT took an 82 per cent stake in the business, while GIC bought the remaining interest.

Springer was formed through the merger of Kluwer Academic Publishers and BertelsmannSpringer.

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