Permira and KKR to sell German shares

British private equity firm Permira and US counterpart KKR are planning to sell eight million of their non-voting preferred shares in German broadcaster ProSiebenSat1 — nearly 4% of the business.

Both investors said their joint vehicle Lavena Holding 5 GmbH would initiate the sale — which amounts to about 3.7% of ProSieben's share capital — via an accelerated bookbuilding to pay down debt and to improve Lavena's liquidity. Based on Wednesday's closing price of ProSieben preferred shares of 24.525 apiece, the value of the sale stands at 196 million.

KKR and Permira said once the sale was completed, they would hold 53% of ProSieben's share capital as well as 88% of the common shares with voting rights.

Sources said in November that KKR and Permira were considering all options regarding their stake in the company.