Axel Springer, the third-largest provider of online job advertising globally based on SIA research, is spinning out its classifieds business into a separate company, according to an announcement today. The new firm will be majority owned by investment firm KKR and CPP Investments, which is operated by the Canada Pension Plan Investment Board.

Axel Springer, which is based in Berlin, Germany, announced the move today.

The classifieds business includes job ad provider Stepstone, real estate classifieds provider Aviv, finance website finanzen.net and online marketing firm Awin. Businesses remaining with Axel Springer will include publishing operations such as Politico.com and Business Insider.

The deal is expected to close in the second quarter of 2025.

While KKR and CPP will be majority owners of the classifieds businesses, Axel Springer will retain a minority stake.

Axel Springer CEO Mathias Döpfner said in a letter to employees that this move bolsters the future of both companies. He also noted Axel Springer has worked with KKR and CPP since 2019 when it delisted as a public company.

“It represents the logical next step in a long development that I have led as CEO for more than two decades now,” Döpfner said.

He noted the company has come a long way since 2002 when it was a German magazine and newspaper publisher that was losing money.

The CEO of the classifieds business will be Julian Deutz, who will step down as an Axel Springer board member as part of the deal.