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KKR, Permira Sell ProSiebenSat.1 Stake for $1.7 Billion

The ProSiebenSat.1 Media AG Headquarters Sit in Unterfoehring
The ProSiebenSat.1 Media AG logo is displayed outside the company's headquarters in Unterfoehring near Munich. Photographer: Guenter Schiffmann/Bloomberg

KKR & Co. and Permira Advisers LLP sold a 16.6 percent stake in ProSiebenSat.1 Media AG for about 1.26 billion euros ($1.7 billion) to complete their exit from the German broadcaster.

The private-equity firms sold 36.3 million shares at 34.75 euros apiece, according to an e-mailed statement from Bank of America Corp., which managed the sale with Deutsche Bank AG. Shares of Munich-based ProSiebenSat.1 rose 0.7 percent to 35.25 euros at 10:54 a.m. in Frankfurt.

KKR and Permira, which last sold a stake in ProSiebenSat.1 in November, join private equity firms and European governments in paring their holdings as investors return to the region’s markets on the promise of an economic recovery. The sale leaves the two firms with no shares of ProSiebenSat.1.

France sold a 451 million euro stake in Airbus Group NV to institutions this week and Vattenfall AB of Sweden raised 1.03 billion zloty ($337 million) from the sale of its entire 19 percent stake in Enea SA, Poland’s fourth-biggest power utility.

In almost five years under the leadership of Chief Executive Officer Thomas Ebeling, ProSiebenSat.1 shares have surged to about 40 times the 88 cents traded at on Feb. 27, 2009. Ebeling has focused on the company’s German home market and the development of digital businesses such as the Maxdome video-on-demand service.

ProSiebenSat.1, which competes with Bertelsmann SE-controlled broadcaster RTL Group SA, last year sold its SBS Nordic unit for $1.7 billion, using the sales proceeds to more than quadruple its dividend.

Last month, the company continued its shift to Web-based offerings when it acquired online travel provider Comvel GmbH and agreed to sell TV and radio stations in eastern Europe.

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