According to a source familiar with the situation, Axel Springer will buy Politico for more than $1 billion in a deal that will value the US political news website at more than $1 billion.

The sale was announced yesterday, but the specifics were not disclosed.

It was Axel Springer's largest acquisition to date, as the German publisher continues to build a global network of digital news businesses.

Springer will also buy the remaining 50% of its joint venture Politico Europe in the agreement, which follows its 2015 purchase of Business Insider and a 2020 purchase of a majority stake in the business newsletter platform Morning Brew.

Following the acquisition, which is anticipated to finalize by the end of the year, Politico's owner, Robert Allbritton, will remain as the website's publisher.

Politico was formed by defections from the Washington Post ahead of the 2008 US presidential elections with the goal of covering Washington and politics with the speed, analysis, and rigor of sports media.

Springer owns a diverse array of news organizations, including Bild, Welt, and Insider, and operates in over 40 countries.

KKR, a US private equity firm that controls about 48% of Springer, has been expanding its digital and media asset portfolio through the German media giant.