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KKR & Co LP Permira Sell $1 Billion Stake In ProSiebenSat.1 Media AG-Reuters


Tuesday, 3 Sep 2013 02:13pm EDT 

Reuters reported that KKR & Co LP and Permira, the controlling owners of ProSiebenSat 1 Media AG, are selling a quarter of their stake in the German free-to-air broadcaster, the two private equity firms said. The accelerated bookbuilding process for an 11% stake that is worth roughly EUR800 million ($1.05 billion) will start immediately, the investors said in a joint statement. They are hoping to sell the shares at around EUR31 apiece, a discount of roughly 4% to Tuesday's closing price of EUR32.29, a source familiar with the transaction told Reuters. After the placement, KKR and Permira will retain a combined stake of 33% in ProsiebenSat.1. They will use the proceeds from transaction to repay debt at the level of Lavena Holding 1, the investment vehicle which owns the ProsiebenSat.1 shares and is held jointly by KKR and Permira. 

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