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Canadian pension fund to invest €500M in KKR's offer for Axel Springer

The Canada Pension Plan Investment Board committed to investing at least €500 million in a KKR & Co. Inc.-backed public tender offer for shares in German media and technology company Axel Springer SE.

CPPIB, through its European unit CPPIB Europe Sàrl, will make the investment in KKR-owned holding company Traviata II Sàrl, which is conducting the tender offer, according to a statement.

The investment will happen in the coming months, subject to regulatory approvals and the deal's closing.

Investment firm KKR, through Traviata II, offered to buy out minorities in Axel Springer at €63 per share. The final acceptance rate reached 42.5% of Axel Springer's share capital at the end of the acceptance period in August.