GfK’s management and supervisory boards have approved the investor agreement. The market research giant said the offer represented an attractive premium of about 44% to the estimated three month volume weighted average share price prior to the announcement.

According to KKR, the tender offer will be subject to a minimum acceptance condition of 18.54%. GfK Verein will retain its majority shareholding in GfK of 56.46% and its headquarters will remain in Nuremberg, Germany.

Gerhard Hausruckinger, speaker of the management board and CCO, said: “The Management Board is very pleased that the recommendations it has made regarding an experienced and financially strong partner have been supported. We welcome the offer by KKR and believe this transaction will significantly benefit our customers and employees while delivering immediate value to our shareholders.

“The expertise of KKR in the area of market research, its financial strength, and the stability this transaction brings to our shareholder base will help us to drive our strategy forward faster and more effectively.”

Philipp Freise, member, private equity & head of TMT, Europe at KKR, said: ”We believe GfK is at a pivotal time of its development and market positioning and look forward to working with the company on realising its potential.”