How KKR Is Avoiding a Messy Breakup With Politico: Chris Hughes

Dividing the assets of a marriage fairly in a divorce is rarely easy. But the carve-up of Politico publisher Axel Springer SE between buyout firm KKR & Co. and Springer’s Chief Executive Officer Mathias Döpfner appears to give both sides what they want without bitter acrimony. It’s not a clean break — but that wrinkle has helpfully saved KKR some cash too.

Private equity funds usually seek controlling stakes in their investments so they have direct access to cashflows to service debt. KKR has nevertheless been willing to forgo control in Germany if that’s necessary to get access to assets it likes. Here, ...