German conglomerates have long been happy to offload unwanted parts to private-equity companies
a roll in Germany. On August 4th the American private-equity firm announced its takeover of a majority stake in heidelpay, a payment-processing firm. A day later Axel Springer, a giant publisher, said that more than 20% of its shareholders had agreed to sell their shares toopened an office in Frankfurt. Its European boss is Johannes Huth, a German.
. Siemens sold its dentistry-equipment arm to Permira, a British firm, in 1997.bought Hensoldt from Airbus. Buy-out firms are also becoming an important source of capital for the, the small and medium-sized companies that constitute the German economy’s backbone. Thousands of these enterprises already have private-equity firms among their shareholders., a consultancy, named Germany as Europe’s most promising market by a long way.
The number and size of private-equity deals in Germany are both smaller than in Britain or America. “The market has matured but remains relatively uncharted,” says Steve Roberts,’s head of private equity in Germany. That leaves more opportunities for the cash-rich locusts to swarm around.An earlier version of this article misstated the date of KKR’s announcement. about heidelplay.
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