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ICSTI: Springer sold
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- Subject: ICSTI: Springer sold
- From: Pete Strickland <[email protected]>
- Date: Wed, 28 May 2003 13:38:09 +0100 (BST)
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Date: Wed, 28 May 2003 09:54:35 +0100
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From: Barry Mahon <[email protected]>
Subject: Springer sold
To: [email protected]
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Status: R
X-Status: N
German media and entertainment company Bertelsmann has announced the sale
of its academic publishing group BertelsmannSpringer to the European
private equity firms Candover and Cinven for �1.05 billion (about $1.23
billion). The two buyout specialists, which will take equal equity stakes,
are thought to have bid more than two other rival groups. One was led by
former Springer CEO Jurgen Richter, and backed by the venture capital (VC)
firms Blackstone and CVC Capital Partners; the other was a joint approach
by U.K. academic publisher Taylor & Francis and VC company Apax Partners.
Interesting this, CINVEN/Candover has been buying up bits and pieces of the
publishing industry for a while now. Note also that there were venture
capital firms in the other bids. Given the discussions on Open Access and
its potential impact on science publishing, do they know something we don't
know??
Bye, Barry
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Best wishes
Peter Strickland
Managing Editor
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