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Axel Springer Close to Buying Business Insider, Re/code Reports

  • Transaction on sale could close within weeks, website says
  • Deal could value Business Insider at about $560 million

German publisher Axel Springer SE is nearing an agreement to acquire Business Insider in a deal that would value the online media company at about 500 million euros ($560 million), Re/code reported, citing unidentified sources familiar with the matter.

Founded by former Wall Street analyst Henry Blodget, Business Insider had $20 million in revenue in 2013, which increased about 70 percent last year, Re/code said. In January, Axel Springer led a group of investors to acquire a minority stake in Business Insider for $25 million. A transaction could close within weeks, the website reported.