Axel Springer SE announced a deal to buy 88% of the shares of Business Insider for the equivalent of $343 million, which would give the German publisher a 97% stake in the digital business news site. The balance of the shares will be owned by Amazon.com Inc. co-founder Jeff Bezos's personal investment company, Bezos Expeditions. The value of the 88% stake reflects a total valuation for the company at $442 million, or $390 million on a cash and debt-free basis. Business Insider Founder and Chief Executive Henry Blodget and Chief Operating Officer Julie Hansen will continue in their present roles, and remain invested in the company through equity incentives. "With the acquisition of Business Insider, we continue with our strategy to expand Axel Springer's digital reach and, as previously announced, invest in digital journalism companies in English-speaking regions of the world," said Axel Springer CEO Mathias Dopfner.
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