Freshfields Bruckhaus Deringer and Simmons & Simmons have both won lead roles on the sale of Springer Science+Business Media, a deal understood to be worth up to €2.2bn (£2bn).

Springer was advised by Freshfields on the sale, announced today (11 December), which sees Swedish private equity fund EQT and the Singapore Government's GIC fund acquire the German publishing company. City-based private equity partner David Sonter led the magic circle firm's team.

Freshfields also advised Springer on a €1.7bn (£1.5bn) restructuring of its debt, with London finance partner Ian Frost heading up the firm's team.

EQT and GIC were advised by Hengeler Mueller and Simmons & Simmons respectively, with Duesseldorf corporate partners Maximilian Schiessl and Wolfgang Meyer-Sparenberg taking the lead role for Hengeler. EQT now owns 82% of Springer and GIC the remaining 18%.

Clifford Chance (CC) and Allen & Overy (A&O) also took roles on the deal, with CC advising EQT on the debt side, and A&O advising the banks. City-based banking partner Alan Inglis is understood to have led for CC.

Sonter (pictured) commented: "The sale is the largest European private equity acquisition since the Lehman bankruptcy over 15 months ago and confirms that private equity still has the appetite and capacity to execute on larger acquisitions in difficult financial and trading markets."

The news comes after UK publisher Informa launched a failed takeover bid for Springer last month, with CMS Cameron McKenna and German ally CMS Hasche Sigle taking lead roles. Ashurst advised on competition aspects of the bid.