Axel Springer is Germany's largest publisher of newspapers and second largest publisher of magazines. The Company has a market leading position in the German print market, reaching almost 60% of Germany's population. In October 2003, HFCP IV partnered with the Springer family, the majority owner, and acquired its interest in Axel Springer AG for approximately €350 million, which includes an equity investment by HFCP IV of approximately $205 million.