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Bertelsmann to Sell Trade Publishing Unit

May 13, 2003|From Reuters

Germany's Bertelsmann has agreed to sell its science and trade publisher to British private equity firms Cinven and Candover for more than $1.2 billion, sources familiar with the deal said.

Bertelsmann wrapped up a deal to sell BertelsmannSpringer after months of talks with potential buyers, raising cash to reduce debt and streamline its media empire to focus on areas such as television and music, sources said.

The smallest of Bertelsmann's divisions, BertelsmannSpringer prints 700 trade magazines and more than 4,000 new book titles each year. It had 5,282 employees at the end of 2002.

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