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What’s moving markets today: June 12, 2019

US private equity giant KKR wants to take the German owner of Business Insider private in a deal that values the publisher at nearly $8 billion.

KKR (KKR) on Wednesday offered investors in Axel Springer €63 ($71.40) per share in a deal that has support from the company’s largest shareholder, Friede Springer, and CEO Mathias Doepfner.

The price is a 12.5% premium over Tuesday’s close and an increase of nearly 40% from late May, when talks between the companies were first reported.

Axel Springer owns a range of publications including top German tabloid newspaper Bild. It also operates a 50-50 joint venture that publishes the European edition of Politico and owns Business Insider.

This article originally appeared here