Springer bought by EQT and GIC

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Springer's board has signed a sales agreement with a partnership of EQT, a private equity investor based in Sweden, and GIC, a Singapore-based co-investor, for all shares of the Springer Group.  

The two investors have also agreed to inject new equity into the Springer Group, to strengthen its balance sheet and decrease the overall cost of funding. A refinancing agreement with a syndicate of banks is expected to give the Springer Group medium-term stability by removing imminent potential refinancing issues.

The acquisition is expected to be finished by mid to late January or early February 2010. 

Derk Haank, Springer’s CEO, said, 'I am confident that this marks the beginning of a new exciting and successful chapter for us and for our new partners at EQT and GIC.  The sale will allow us to move our ambitious and ongoing ‘e’ strategy forward, and to invest more heavily for our stakeholder’s benefit – this is the best solution for the company, our employees and shareholders.'