December 9, 2015 / 9:31 AM / 4 years ago

Axel Springer gives General Atlantic shares for classified ads stake

FRANKFURT, Dec 9 (Reuters) - Axel Springer agreed to buy the remaining 15 percent stake in its digital classified ads business from General Atlantic in exchange for shares, leaving the private equity firm with an 8.3 percent holding in the German publisher.

Springer will give General Atlantic 8.95 million new shares, Springer said on Wednesday.

Based on Tuesday’s closing price of Axel Springer shares at 51.94 euros, the deal is worth around 465 million euros ($507.83 million).

$1 = 0.9157 euros Reporting by Harro ten Wolde; Editing by Maria Sheahan

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