Springer Nature, the German academic publishing business backed by BC Partners, has announced its initial public offering.
Springer will list on the Frankfurt Stock Exchange and is aiming to raise primary proceeds of around €1.2bn.
BC Partners acquired Springer Science from EQT in 2013 deal valued at €3.3bn. EQT had run a dual-track process and announced a Frankfurt IPO prior to BC Partners’ successful bid.
Two years later Springer merged with Macmillan Science and Education, a deal which saw Macmillian owner Holtzbrinck take a 53 per cent stake in the combined entity known as Springer Nature.
Holtzbrinck does not intend to sell any shares through the IPO, though BC Partners may cover a greenshoe option “depending on the market environment”.
Springer operates in more than 120 countries. Last year it published around 300,000 articles, 2,800 journals and 13,000 books. The company reported turnover of €1.64bn for 2017, of which its research division accounted for more than 70 per cent, and adjusted operating income of €374m.