Milbank advised Axel Springer SE on the financing of the acquisition of the US news company Politico and the news website Protocol, which specializes in the technology sector. Axel Springer and Politico have already been operating the joint venture Politico Europe since 2014, in which the two partners have each held a 50% stake to date. As part of this transaction, Axel Springer will also acquire the outstanding 50% in Politico Europe.
The parties have agreed not to disclose the terms of the acquisition agreement. The closing of the transaction is planned for the fourth quarter of 2021 and is subject to the necessary regulatory approvals.
Axel Springer SE is a media and technology company active in more than 40 countries with media brands including Bild, Welt and Business Insider, as well as classified portals such as StepStone Group and AVIV Group. Through accelerated growth, Axel Springer aims to become the global market leader in digital journalism and digital classified offerings. The company is headquartered in Berlin and employs more than 16,000 people worldwide.
Politico reports on the global political scene. Founded in 2007, the company has about 700 employees in North America, and Politico Europe has nearly 200 employees. Protocol is a leading digital media company focused on the tech industry’s players and developments. Founded in 2020, the company covers "big tech" in the US and China, as well as topics such as enterprise technology, fintech and the tech workplace of tomorrow. Protocol has reporters in San Francisco, New York, Washington DC and London.
The Milbank team that advised Axel Springer on the financial law aspects of the transaction was led by partner Thomas Ingenhoven and included, inter alios, associate Gerrit Merkel (both Finance, Frankfurt).
