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KKR, Permira to sell ProSiebenSat1 non-voting preference shares

14 Feb 2013

telecoms5sq_lrgPrivate equity firms KKR and Permira have reportedly decided to sell all of their non-voting preference shares in German TV broadcaster ProSiebenSat1 in an attempt to pay down debt.

The firms will continue to hold 88 per cent of the voting shares in ProSiebenSat1 following the sale, which was reported by Reuters.

It said the non-voting shares represented about nine per cent of the company’s capital, and would be sold to institutional investors through an accelerated book building in a placement by Deutsche Bank.

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.

Earlier this year it was reported the pair had hired JP Morgan to advise on a full or partial sale of the entire stake in the business.

Potential bidders could include US media group Time Warner according to the FT, which cited people with knowledge of the matter.

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