Five Firms Vie To Bid On Springer Science

Five private equity groups are set to bid for Springer Science+Business Media, owned by private equity firm EQT and sovereign wealth fund the Government of Singapore Investment Corp., several people close to the process told Reuters. While EQT and GIC are hoping to reap as much as €4 billion ($5.2 billion) for the German speciality publisher of scientific journals, the prospective buyers are unlikely to offer much more than a price tag of slightly over €3 billion, the sources said.

Those due to hand in bids are The Carlyle Group, Providence Equity Partners, BC Partners, Kohlberg Kravis Roberts & Co. and Hellman & Friedman, the sources said, adding second-round bids are due in June.

EQT and Carlyle, BC Partners, KKR declined to comment. GIC, Providence and Hellman & Friedman were not immediately available for comment. German media group Bertelsmann has already said it was not considering buying Springer Science. No other strategic bidders emerged, the sources said.

Springer Science’s owners are simultaneously still working on the preparations for an initial public offering, which would likely take place early July if the sellers conclude they would reap a higher price in a listing than in an outright sale.

EQT and GIC bought Springer Science in 2009 for €2.3 billion.