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AXA exits Home Shopping Europe to Providence

11 Jul 2012

The private equity arm of French insurance giant AXA has sold the majority of its stake in Home Shopping Europe (HSE24), the German TV shopping channel, to media-focused buyout firm Providence Equity Partners.

AXA Private Equity will remain a 15 per cent shareholder, while HSE24’s management team will remain unchanged and will continue to be a significant shareholder in the company.

Financial terms of the deal were not disclosed.

AXA Private Equity bought HSE24 in 2009 in an €180m all-equity transaction from the insolvent Arcandor group. The company has since seen net sales grow by more than 10 per cent per annum.

HSE24 also expanded internationally by entering the Italian market in mid-2011, and by acquiring a strategic stake in Shopping Live, the Russian TV home shopping channel, earlier this year.

Providence is reported to be backing the bid with €265m of senior leveraged loans provided by Citi, DZ Bank, UBS and UniCredit.

AXA refinanced HSE with €112.5m of debt in 2010, and paid itself a dividend through a further refinancing last year.

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