BERLIN -- Germany-based media and services company Bertelsmann says it will buy the 25% of publisher Penguin Random House that it doesn't already own for $675 million.
Bertelsmann announced the purchase from British co-shareholder Pearson on Wednesday. It said that the transaction is expected to close in next year's second quarter.
Bertelsmann combined its Random House book-publishing business with Pearson's Penguin Group in 2013, with the German company initially holding 53% of the resulting company and Pearson holding 47%.
Bertelsmann increased its stake to 75% in 2017.
Bertelsmann CEO Thomas Rabe said that “the increase to 100 percent is a milestone for Bertelsmann,” making it sole owner of the world's biggest trade publishing group.
He added in a statement that “we will continue to expand Penguin Random House in the coming years, through organic growth and acquisitions.”