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KKR, Permira plan piecemeal ProSiebenSat.1 share sell-off after failing to fund buyer

23 Aug 2013

satellite-dishsq_lrgKKR and Permira are reportedly planning to sell off their stake in German broadcast group ProSiebenSat.1 piecemeal after failing to find a buyer for all of its shares.

The firms halved their 88 per cent stake in the company’s stock by converting non-voting preference shares into common shares earlier this month, enabling them to be traded more easily.

They 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.

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.

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