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KKR, Permira-backed ProSiebenSat.1 pays bumper dividend

28 Feb 2013

distribution-euro_sqPrivate equity-backed German broadcaster ProSiebenSat.1 has more than quadrupled its dividend this year following the €1.3bn sale of its Nordic arm.

The business, which is majority owned by buyout houses Permira and KKR, will pay out €5.65 per preference share, up from €1.17 last year.

ProSiebenSat.1’s fourth quarter EBITDA was up slightly year on year to €285.7m.

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.

That deal, which was made using jointly-held holding company Lavena, valued the stake at about €3.1bn, and the entire operation at €5.9bn.

The pair currently own 88 per cent of the company’s common stock, and earlier this month sold their non-voting preference shares in a €485m deal.

Bloomberg has previously said the firms may exit the company by selling their shareholding to another company or on the market, citing a person with knowledge of the matter.

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