On September 19, 2024, Axel Springer SE announced a strategic plan to restructure its corporate organization, aiming to create a focused media company alongside separately held classifieds businesses. The transaction, valued at €3.5 billion (approximately CAD 5.0 billion at the time), was anticipated to close in Q2 2025, pending requisite regulatory approvals. This reorganization marked the realization of a long-term vision by Friede Springer and Mathias Döpfner to return Axel Springer to private ownership.

In the new structure, the media segment—including BILD, POLITICO, and Business Insider—would remain within Axel Springer. Friede Springer and Mathias Döpfner were set to jointly control nearly 98% of the company, with Axel Sven Springer holding a minority stake. Meanwhile, the Stepstone Group, AVIV Group, and other classifieds ventures would operate as joint ventures, majority-owned by KKR and CPP Investments, with Axel Springer retaining a minority interest.

Hengeler Mueller advised Axel Springer SE on the restructuring, while Freshfields represented KKR. Kirkland & Ellis advised CPP Investments, and A&O Shearman M&A partner Hans Diekmann represented Friede Springer and Mathias Döpfner in the process. The transformation followed a successful five-year partnership between Axel Springer and KKR, which enabled over €1.9 billion (approximately CAD 2.7 billion) in investments, boosting the company’s digital growth and market expansion. The restructuring was expected to position both the media and classifieds segments for independent growth paths.