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ProSieben attracts bids for stake in digital ops -sources
November 16, 2017 / 11:10 AM / in a month

ProSieben attracts bids for stake in digital ops -sources

FRANKFURT/LONDON, Nov 16 (Reuters) - Germany’s ProSiebenSat.1 has attracted bids from private equity firms for a stake in an ecommerce portfolio as it seeks cash to finance the shift away from its television advertising business and create a more broadly based digital powerhouse, sources close to the matter said.

General Atlantic and EQT handed in offers for a 30-40 percent stake in the business, which includes energy price comparison portal Verivox, online dating service Parship and online perfume retailer Flaconi, among others, they added.

The bids value the whole business at more than 1.3 billion euros ($1.5 billion) or around 10 times the asset’s core earnings of 130 million euros, they said, adding that JP Morgan is acting as sellside advisor.

ProSieben, JP Morgan and the bidders declined to comment.

$1 = 0.8481 euros Additional reporting by Alexander Hübner; Editing by Ludwig Burger

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