FRANKFURT, Feb 13 (Reuters) - 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 lock-up period.
“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 European activities.”
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 building.