Permira Advisers LLP and KKR & Co. are selling a 485 million-euro ($647 million) stake in ProSiebenSat.1 Media AG, a person familiar with the matter said.
The price for 19.7 million preferred shares, equivalent to an 18 percent stake, was set at 24.60 euros, the person said, declining to be named before an announcement.
The shares were offered in a range between 24.60 euros and market price when the sale started yesterday. ProSiebenSat.1 fell as much as 5.4 percent, the most since August, and was trading down 4.6 percent at 24.08 euros at 11:26 a.m. in Frankfurt. Deutsche Bank AG is managing the sale.
KKR and Permira, which together own 53 percent of the German broadcaster, may exit the investment this year by selling their stake to another company or on the market, a person with knowledge of the matter said this month. In addition to the 18 percent of the preferred shares, which don’t carry voting rights, KKR and Permira’s holding vehicle also owns 88 percent of the voting common stock.
In December, ProSiebenSat.1 agreed to sell its SBS Nordic unit, which included TV networks in Norway, Sweden, Denmark and Finland, for $1.7 billion. The company said then that investors would vote on converting preferred shares into exchange-listed common stock, which would facilitate an exit for KKR and Permira.
Companies in Europe raised $10.9 billion from share sales this year, compared with $6.4 billion in the same period in 2012, according to data compiled by Bloomberg. UBS AG is ranked first in managing the share sales this year, followed by Deutsche Bank.