FRANKFURT Feb 13 A holding company controlled
by private equity firms Kohlberg Kravis Roberts and
Permira will sell the rest of its non-voting
preference shares in German broadcaster ProSiebenSat.1 Media
to pay down debt.
The two private equity firms said late on Wednesday their
jointly owned Lavena Holding 1 GmbH will continue to hold 88
percent of the voting shares in ProSieben and agreed to a 90-day
"The net proceeds from the transaction will be used to pay
back debt" at LH1, the two firms said in a joint statement.
"The transaction strengthens the capital structure of LH1
considerably, together with the planned dividend payout of
ProSiebenSat.1 in 2013 from the announced sale of the northern
Deutsche Bank will place the 19.7 million
preference shares, roughly 9 percent of the capital in
ProSieben, to institutional investors via an accelerated book