KKR, Permira Sells 8M Non-Voting Pfd Shares In ProSieben1 For $252.6M – Reuters

Kohlberg, Kravis, Roberts & Co. of New York and Permira of London raised EUR193.6 million ($252.6 million) from the sale of shares in ProSiebenSat1, Reuters reported. After the sale of 8 million non-voting preferred shares in the German satellite broadcater, KKR and Permira retained 53 percent of ProSieben’s share capital and 88 percent of the common shares with voting rights.

* Deutsche Bank says shares placed at 24.20 euros apiece
* Based on price, placement is worth 193.6 million euros
* ProSieben shares down 2.5 pct

(Reuters) – Private equity firms KKR [KKR.UL] and Permira [PERM.UL] have sold shares in German satellite broadcaster ProSiebenSat1 (PSMG_p.DE: Quote, Profile, Research, Stock Buzz) to raise about 193.6 million euros ($252.6 million), banks managing the sale said.

Deutsche Bank, one of the managing banks, said on Thursday it had placed 8 million non-voting preferred shares in the company on behalf of Lavena Holding 5, an investment vehicle of KKR and Permira, at 24.20 euros per share.

KKR and Permira had announced plans for the sale — which amounts to about 3.7 percent of ProSieben’s share capital — late on Wednesday to pay down debt and to improve Lavena’s liquidity. KKR and Permira said once the sale was completed, they would hold 53.0 percent of ProSieben’s share capital as well as 88 percent of the common shares with voting rights.

Shares in ProSieben were 2.5 percent lower at 23.93 euros apiece by 1016 GMT.

Sources told Reuters in November KKR and Permira were considering all options regarding their stake in the company. [ID:nLDE6BD15D]
(Reporting by Soeren Amelang; Writing by Christoph Steitz. Editing by Jane Merriman)
($1=.7665 Euro)