German publishing giant Axel Springer is closing in on a deal to buy Business Insider, in a deal that would value the Web publisher at around $560 million.
Sources familiar with the two companies think a transaction could close within weeks.
In January, Axel Springer bought a minority stake in Business Insider, via a $25 million funding round that valued the company, founded by former Wall Street analyst Henry Blodget, at around $200 million. This new deal pegs Business Insider’s value at around 500 million euros, sources say.
Last week, German Manager Magazin reported that Axel Springer was looking to buy a controlling stake in Business Insider. But people familiar with the transaction say that the plan is for a full acquisition. Blodget declined to comment, as did a rep for Axel Springer.