LONDON (Reuters) – Informa Plc, the British media group, ended talks to buy Springer Science + Business Media, saying it could not do a deal in the time frame required by the debt-laden firm’s private equity owners.
The withdrawal of the Lloyd’s List publisher, days after it confirmed it was considering a takeover of Springer, clears the way for Swedish private equity firm EQT, which senior bankers have said is lining up a billion-pound-plus loan to fund a deal.
“Whilst there is clear strategic logic in combining Springer and Informa … the current environment is not conducive to making such a significant acquisition in the timescale required by the vendors,” Informa said in a statement on Tuesday.
Springer Science + Business Media, valued at around 2.6 billion euros ($3.9 billion) including debt, was put up for sale earlier this year by its owners Candover (CDI.L) and Cinven.
(Reporting by Quentin Webb)