BERLIN (AP) — Global investment firm KKR is set to take a stake in Germany's Axel Springer, the publisher of the mass-circulation Bild daily, in what is described as a strategic partnership.

Springer said Wednesday that a holding company owned by KKR-advised funds will launch a cash offer for Springer's outstanding shares valuing the firm at some 6.8 billion euros ($7.7 billion).

It wasn't immediately clear how large KKR's stake will ultimately be. Friede Springer, the widow of Bild founder Axel Springer, controls 42.6% of the shares. CEO Matthias Doepfner owns 2.8%. Both will keep their stakes. Other Springer family members hold 9.8% of the shares.

Doepfner said the deal will enable Springer to pursue growth opportunities by providing additional finance and "relieving the mere focus on short-term financial targets."

Get today’s top stories right in your inbox. Sign up for our daily newsletter.

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Recommended for you