EQT, GIC plan Springer Science IPO

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stock market_lrgPrivate equity-backed publishing group Springer Science+Business Media is reportedly preparing to unveil plans for an IPO.

The announcement will likely be made within the next two weeks and the IPO could take place in late July, said Reuters, citing a source familiar with the matter.

Germany-based Springer is backed by Swedish private equity firm EQT and state-backed Singapore Investment Corporation (GIC), which are simultaneously working on an IPO and a business sale.

Back in April it was reported that five private equity firms planned to make offers for the business that were unlikely to value it at much more than €3bn, while the owners sought up to €4bn. Springer’s German peer Bertelsmann said it had no plans to buy the business and no other trade bidders had emerged at that time.

EQT and GIC bought stakes of 82 per cent and 18 per cent respectively for €2.3bn in December 2009.

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