Spring cleaning

9 October 2003 By Fiona Maharg-Bravo

It may also mean the German media market is on the rebound. This is good news for both sides. Deutsche Bank has cleared out its holdings and the company has a new flexible and stable shareholder.

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Deutsche Bank has sold a 19% stake in Axel Springer to Hellman & Friedman, a private equity investment firm from San Francisco specialising in media sector investments. The purchase price was E350m, or E53 a share.

Deutsche Bank said it intended to sell its remaining 10% stake in Axel Springer back to the company under a share buyback offer announced by Springer.

The German bank bought a 40% stake in Axel Springer last year from Kirch after the company defaulted on its E720m loan. It then managed to sell 10% to Friede Springer, the widow of the groups' founder. Mrs. Springer also controls the holding company that owns 50% of Springer plus ten shares.

Patrick Healy, managing director of Hellman & Friedman, said, Our investment in Axel Springer, combined with our recent investment in ProSiebenSat.1 media, reflects our continued enthusiasm for investing in high quality, established franchises in the media and advertising sectors.

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