* Received offers worth more than 1.3 bln euros each
* Bidders are Providence, Nordic Capital and Discovery
FRANKFURT/STOCKHOLM Oct 31 ProSiebenSat.1
has attracted three offers worth more than 1.3
billion euros ($1.7 billion) for its Nordic TV channels, two
people familiar with the matter said on Wednesday, which may
help to reduce the group's debt.
The bidders are private equity firms Nordic Capital and
Providence Equity Partners as well as cable network Discovery
Communications, three people said.
Binding offers are due to be submitted by the start of
December, and with bids at this level, a sale will likely
succeed, one of the people familiar with the process said.
Providence, Nordic Capital and ProSieben declined to
comment. Discovery Communications could not be reached for
comment. Private equity firm BC Partners, which had also been
interested, is no longer among the bidders, one of the sources
ProSieben's Nordic activities generated 476 million euros in
revenue in 2011 out of a group total of 2.97 billion euros. The
unit has not disclosed separate earnings results.
The German TV company had halted a first attempt to sell the
division last year but said in August it had restarted the sale
as interest in the TV channels picked up.
Key audiences in Denmark, Sweden, Norway and Finland
increased in the first half of this year.
In Denmark market share jumped to 18.9 percent from 16.2
percent a year earlier, while it has 18.8 percent of the
Norwegian market, up from 16.9 percent a year earlier.
One source said a bid at 1.3 billion euros would value the
assets at approximately ten times earnings before interest taxes
depreciation and amortization (EBITDA).
ProSieben is controlled by private equity firms KKR & Co
and Permira, which together own 88 percent of
its voting shares. Dutch publisher Telegraaf Media Group
owns 12 percent of the voting shares.