KKR, Permira Sell ProSiebenSat.1 Stake Worth $1.5 Billion

KKR & Co. and Permira Advisers LLP sold 35 million shares (PSM) in ProSiebenSat.1 Media AG for about 1.1 billion euros ($1.48 billion).

JPMorgan Chase & Co. and Bank of America Corp. placed the stake on behalf of holding company Lavena Holding 1 GmbH, according to an e-mailed statement. The shares were sold at 31.53 euros apiece, according to terms obtained by Bloomberg News. Shares of ProSieben fell 4.9 percent to 31.79 euros at 9:20 a.m. in Frankfurt trading today.

KKR and Permira, which last sold a stake in the German broadcaster on Sept. 4, will own about 17 percent after the sale. Private equity and other shareholders in Europe are attempting to pare their holdings as investors return to the region’s markets on the back of strengthening economies.

The volume of additional share sales in Europe, the Middle East and Africa year-to-date has doubled to more than $100 billion, compared with the same period in 2012, according to data compiled by Bloomberg.

ProSieben reported a 13.9 percent increase in third-quarter revenue to 576.9 million euros on Nov. 7, beating analysts’ estimates. It said earnings growth for the present quarter was expected to be lower than in the first nine months of the year because of spending on investments.

To contact the reporters on this story: Ruth David in London at rdavid9@bloomberg.net; Aaron Kirchfeld in London at akirchfeld@bloomberg.net

To contact the editor responsible for this story: Aaron Kirchfeld at akirchfeld@bloomberg.net

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