Global private equity firm Apax Partners today announced an agreement to buy a 52.5 percent interest in Dutch-language publisher PCM Uitgevers. The deal has a reported value of €720 million ($865 million).
According to a statement, 5 percent of Apax’s share will be reserved for management in a participation plan. PCM Uitgevers will buy back shares in the company currently held by ING, Aegon and NIB.
The deal, which is expected to close the end of this month, is subject to approval by the European Commission.
PCM Uitgevers publishes Holland’s deVolkskrant, NRC Hadelsblad and Algemeen Dagblad national newspapers, as well as regional newspapers, trade publications and books. The company saw €9 million profit on €647 million revenue in 2003.
Apax had originally sought to buy 63 percent of the company, according to reports.
Other media assets owned by Apax include Kabel Deutschland, Quantum Publishing and Global Sportnet Sportmarketing GmbH. The firm joined Hicks Muse Tate & Furst on the buyout of Yell, a UK yellow-pages publisher.