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BC Partners pulls out of ProSiebenSat1 bidding as offers beat €1.3bn

1 Nov 2012

European buyout house BC Partners is understood to have pulled out of the running for the Scandinavian arm of European media group ProSiebenSat1.

Nordic Capital, Providence Equity Partners and fellow media company Discovery Communications remain in the bidding process, according to Reuters.

Offers are said to be in excess of €1.3bn.

Reuters previously reported Nordic private equity firm EQT was an interested party, but it is now thought the firm is not involved in the bidding.

ProSieben, which is backed by Permira and KKR, tried to sell the unit last year but called a halt to the process after failing to receive acceptable bids.

The company sold its Dutch and Belgian operations to a consortium of media companies for €1.2bn last April, as part of a continued process to reduce its debt.

Prosieben’s Nordic arm had revenues of €476m last year out of a group total of €2.97bn

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