Business Insider Nears $560 Million Sale to Axel Springer (Report)

German publishing house is expected to complete the purchase within two weeks

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Axel Springer is closing in on a deal to buy website Business Insider for around $560 million, according to media reports.

The transaction could close as early as within the next two weeks, Re/code reported Monday.

In January, the German publishing house bought a $25 million minority stake in the company. The new deal estimates Business Insider’s value at around 500 million euros (approximately $561 million).

In 2013, Business Insider reported about $20 million in revenue and site founder Henry Blodget (pictured above) suggested that revenues had grown 70 percent in 2014.

Axel Springer, which is Berlin, is best-known as the owner of the Die Welt and Bild newspapers.

Earlier this year, it tried to buy the Financial Times from Pearson but lost the deal at the last second to Japan’s Nikkei.

CEO Mathias Doepfner has been open about his interest in making other digital investments, but until now industry observers have been skeptical that the company was serious about making a substantial bet, according to Re/code.