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KKR, Permira able to exit ProSiebenSat.1 after shareholders approve stock conversion

25 Jul 2013

tv_screen_170sqShareholders of German broadcast group ProSiebenSat.1 have approved a stock conversion at Tuesday’s AGM, enabling its private equity owners KKR and Permira to exit their stakes.

The two firms currently hold an 88 per cent of the company’s common stock, which will be cut in half after the stock conversion takes effect in August this year.

It is unclear whether KKR and Permira will elect to sell their interests in ProSiebenSat.1. The firms sold an 18 per cent stake in ProSiebenSat.1for €485m in February this year two months after disposing of the company’s Nordic arm to trade buyer Discovery for about €1.3bn.

KKR and Permira bought a majority stake in the business in 2006 from German Media Partners, which includes Bain Capital, Hellman and Friedman, Saban Capital and Providence Equity Partners as investors.

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