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KKR, Permira fail to find strategic buyer for ProSiebenSat.1

8 Jul 2013

broadcastsq_lrgThe private equity owners of German broadcaster ProSiebenSat.1 have reportedly failed to find a buyer for the slimmed-down business.

KKR and Permira are aiming to exit the business and have already sold off the Nordic arm for €1.3bn. But the pair have been unable to persuade a strategic buyer to pick up their remaining stake in the business according to Der Spiegel.

The report cited Permira manager Goetz Maeuser as saying potential buyers would need to take a stake of more than 30 per cent, representing at least €2.1bn at its current €7bn market capitalisation.

He said, “I can’t see a German media company at the moment that would be able to do so.”

In February the company more than quadrupled its dividend year on year, paying out 5.65 per preference share.

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 year sold their non-voting preference shares in a €485m deal.

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