Holtzbrinck Publishing Group, owners of Macmillan Science and Education, and BC Partners, owners and fund advisors of Springer Science+Business, have reached a merger agreement to join the two groups.
Holtzbrinck, whose portfolio includes Nature and Scientific American, will hold 53 percent of the new joint company. The newly combined group will have a valuation of more than €5 billion ($5.81 billion USD). Springer Science CEO Derk Haank tells Reuters that the merger will create economies of scale that will enable the group to invest in product.
Not included in the merger are Holtzbrinck's IT, software and consumer books divisions.
The transaction is still pending approval from various competition authorities, which should conclude in the first half of 2015.