KKR & Co and Permira Advisers LLP sold their 16.6% interest in ProSiebenSat.1 Media AG for around €1.26 billion ($1.7 billion). The said sale completes their exit from the Germany-based commercial broadcaster, according to Bloomberg.

Based on an emailed statement from Bank of America Corp (BofA), the two private equity groups exited 36.3 million ProSiebenSat.1 shares at €34.75 apiece. BofA managed the transaction with Deutsche Bank AG, the report detailed.

KKR and Permira last sold a stake in the German broadcaster in November. The two companies follow other private equity firms and European governments in cutting down their shares as investors start to take interest in the region again. After the most recent stake sale, the two firms are left with no shares of PSM, the report explained.

ProSiebenSat,1 is a competitor of RTL Group SA, which is controlled by Bertelsmann SE. Last year, ProSiebenSat.1 sold its SBS Nordic division in a $1.7-billion deal to boost its dividend, Bloomberg reported.