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Hellman & Friedman to sell Axel Springer shares for €122 each

Axel Springer said Hellman & Friedman, a private-equity firm, plans to sell its shares in Europe's biggest newspaper publisher for €122 ($162) a piece, Springer said in a statement.

Axel Springer AG said earlier this week Hellman & Friedman LLC had offered to sell as many as 3.6 million Springer shares for between €120 and €135 each. Hellman & Friedman paid €350 million for a 19.4% stake in the Berlin-based company in October 2003, Springer said this week.

Springer shares have more than doubled since as CEO Mathias Doepfner returned the company to profit by trimming the workforce, expanding into markets such as Eastern Europe and merging editorial staff for newspapers. (Bloomberg)