December 08, 2014
The Munich, Frankfurt and London offices of the international law firm Weil, Gotshal & Manges LLP are advising leading global growth equity firm General Atlantic on the sale of a 15% share in Axel Springer Digital Classifieds GmbH to German listed media company Axel Springer SE for a cash purchase price of EUR 446 million. At the same time, General Atlantic has granted Axel Springer SE an option to purchase its remaining 15% share in Axel Springer Digital Classifieds GmbH. If the option is exercised, General Atlantic is to receive shares in Axel Springer as consideration. If, for various reasons it will not be possible to grant Axel Springer shares, Axel Springer can acquire the remaining share of 15% for an additional cash purchase price of EUR 446 million plus interest.
Axel Springer Digital Classifieds GmbH is a strategic partnership founded in 2012 in which Axel Springer SE originally held an interest of 70 % and General Atlantic an interest of 30%. The online classified ads business of Axel Springer is bundled in the joint venture company.
The Weil team advising General Atlantic was led by Corporate partner Gerhard Schmidt and included Corporate partners Jonathan Wood and Barbara Jagersberger as well as Tax partner Tobias Geerling and Corporate associates Annabell Grupp and Oliver Olah as well as Tax associate Matthias Full.