Axel Springer Buys Up Business Insider

Reuters

German publisher Axel Springer is to buy a further 88 percent of news website Business Insider for $343 million, it said on Tuesday.

Springer, which earlier this year missed out on buying the Financial Times newspaper from Pearson, said it already owns about 9 percent of the website, which has 76 million monthly visitors.

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"The purchase price based on 100 percent amounts to $442 million on the basis of a cash and debt free valuation of $390 million," the company said in a statement.

"The valuation corresponds to an amount of $343 million for the 88 percent of the shares that Axel Springer is acquiring."

Amazon founder and chief executive Jeff Bezos will hold the rest of the shares via his personal investment company Bezos Expeditions, Springer said in a statement.

"The transaction is an essential component of Axel Springer's strategy to grow with digital journalistic offerings in English-language geographies," the company said.

(Reporting by Harro ten Wolde; Editing by Greg Mahlich)