* KKR, Permira to divest 17 pct stake in accelerated
* Stake worth 1.27 bln euros based on Thursday's closing
* Sale run by Bank of America Merrill Lynch, Deutsche Bank
FRANKFURT, Jan 16 ProsiebenSat.1
shareholders KKR and Permira will sell on the
open market the remaining 17 percent stake they hold jointly in
the German broadcaster, completing a gradual exit.
The two buyout firms will place the 36.3 million shares they
own in ProSiebenSat.1 - worth 1.27 billion euros ($1.73 billion)
at Thursday's closing price - in an accelerated bookbuilding
process with institutional investors that will start
immediately, KKR said in a statement late on Thursday.
"The share sale is the logical last step in the exit of the
former majority owners, which invested in the media company in
2006," KKR said in the statement.
KKR and Permira at the time bought a controlling stake in
ProSiebenSat.1 and merged it with SBS Broadcasting, a media
group they had acquired a year earlier. Since then they have
been disposing of their investment in stages.
The shares have advanced 47 percent over the last 12 months,
outperforming the 41 percent gain in the STOXX Europe 600 Media
The exit, to be managed by Bank of America Merrill Lynch
and Deutsche Bank, would give the broadcaster
a 100 percent free float ownership, boosting its chances of
getting promoted to Germany's blue-chip DAX.