From the Leibniz Prize page:
The Leibniz Programme, established in 1985, aims to improve the working conditions of outstanding scientists and academics, expand their research opportunities, relieve them of administrative tasks, and help them employ particularly qualified young researchers. Up to ten prizes are awarded annually with a maximum of €2.5 million per award. The prize is awarded from a slate of nominations put forward by third parties. The prizewinner is selected by the Joint Committee on the basis of a recommendation from the Nominations Committee for the Leibniz Programme.The Leibniz Prize is administered by the DFG, which according to Wikipedia translates to the German Research Foundation, which would make it the equivalent of the NSF, and the Leibniz Prize roughly comparable to the NSF's Waterman Prize.
Update: here's the announcement (in German)