KKR and Primera undertakes its exit plan

By Marc Castro

Sep 03, 2013 02:38 PM EDT

ProsiebenSat.1 private equity owners are selling off an 11% share in the free-to-air broadcaster from Germany. This offer was confirmed by the broadcaster's owners, namely KKR and Permira through a joint statement last Tuesday.

The bookbuilding process for the 25 million shares outstanding, which is worth around EUR800 million or USD1.05 billion, would begin immediately according to the investors. At the conclusion of the transaction, KKR and Permira would still retain a combined shareholdings amounting to 33% of ProsiebenSat.1.

Previously, the main investors of the broadcast firm had announced plans towards the reduction of their holdings through share placements.

The proceeds from the placements would be utilized to pay debts at the level of Lavena Holding 1. Lavena Holding 1 is the investment vehicle that owns ProsiebenSat.1 and its shares are jointly held by both KKR and Permira. This would precipitate a gradual exit after the conversion of non-voting preferential shares into the more liquid common shares.

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