Private equity firm shelves Springer Science sale-FT
LONDON Jan 20 (Reuters) - Private equity firm EQT has pulled the sale of German academic publisher Springer Science+Business Media because it believes it can achieve a better price later in the year, the Financial Times reported on its website on Sunday.
Sweden's EQT, which teamed up with GIC, the investment vehicle of the government of Singapore, to buy Springer in 2009 was aiming to get up to 4 billion euros ($5.32 billion) for the publisher.
The owners started to sound out potential buyers for the business in November last year, sources said at the time, while they also pursued the option of an IPO in April 2013.
The FT, citing people familiar with the situation, said EQT had decided to delay the sale until Springer had delivered on targets and had better visibility on 2014, adding that the sale could be revived in the second half of the year.
Investors including Providence and Carlyle and German media group Bertelsmann had expressed interest in the company, it said.
EQT was not immediately available for comment.