SpringNature is a joint venture between German publisher Holtzbrinck and BC partners which were the primary owners of Springer+Business. The JV was created in 2015.
From the report:
While BC Partners will sell some shares in the IPO, Holtzbrinck may even buy some and is aiming to keep a stake of more than 40 percent in the company. The targeted free float is at least 20 percent. The bulk of the proceeds would be used to cut net debt, which currently stands at roughly 3 billion euros, with a view to bringing indebtedness down to 3.75 times earnings before interest, tax, depreciation and amortization (EBITDA) after the IPO, the source said. Peer RELX trades at about 11 times its expected core earnings.
SpringerNature posted 1.62 billion euros in sales in 2016 and employs 13,000 staff. It publishes roughly 3,000 scientific magazines as well as 12,000 new books every year. Last year, its earnings before interest, tax, depreciation and amortization stood at roughly 600 million euros.