KKR & Co. Inc. closed its public tender offer for German media company Axel Springer SE, after getting the final outstanding regulatory clearance for the transaction.

The private equity firm secured 44.28% of Axel Springer's share capital and the voting rights from the offer and additional market purchases made through and outside the stock exchange.

The settlement of the tender offer will take effect by Dec. 27, wherein shareholders of the German company will receive €63 for each tendered Axel Springer share.

The closing of the tender offer allows Axel Springer to implement its strategic partnership with KKR.