Axel Springer SE agreed to acquire 93% stake in EMarketer Inc. from Stripes Group and others for approximately $240 million on June 10, 2016. Axel Springer will finance this acquisition using existing credit lines. In 2015, EMarketer Inc. achieved revenues of $45.5 million and an EBITDA of $13.5 million. Together, EMarketer's co-founders Terry Chabrowe, Chief Executive Officer, and Geoff Ramsey, Chief Innovation Officer, will continue to hold around 7% of EMarketer and will keep their positions. The transaction is subject to approval by relevant antitrust authorities. As on June 27, 2016, the Federal Trade Commission has granted early termination of waiting period under HSR Act. Cozen O’Connor acted as legal advisor and Jefferies acted as financial advisor to EMarketer. John H. Butler, John Banes, Ajay B. Lele, Nicholas C. Phillips, Madeline L. Sims., Jeffrey P. Crandall, David Mollo-Christensen, Pritesh P. Shah and Samantha Lefland of Davis Polk & Wardwell LLP acted as legal advisor to Axel Springer. Ernst & Young acted as accountant to Axel Springer SE.