Shares in German media giant Axel Springer surged Thursday after the company said it was in talks with private equity firm KKR about a potential strategic investment that could privatise the publisher of some of Europe’s biggest newspapers.

The terms of the potential investment are still being negotiated, the company said in a statement late Wednesday following a report by Bloomberg. Friede Springer, widow of the company’s namesake founder and the majority shareholder, and chief executive Matthias Döpfner don’t intend to sell their shares, the company said.