Axel Springer sells ProSiebenSat.1 shares
After Axel Springer attempted to acquire ProSiebenSat.1 last year, the publishing company now plans to sell its stake in the TV group. The company has reached an agreement with investors Kohlberg, Kravis and Roberts (KKR) and Permira to sell its 12 percent stake in the broadcasting group.
After Axel Springer attempted a takeover of ProSiebenSat.1 last year, the publisher now wants to sell its shares in the TV group. The company has reached an agreement with investors Kohlberg, Kravis and Roberts (KKR) and Permira to sell its 12 percent stake in the broadcasting group, Springer announced on Tuesday. KKR and Permira, who already hold a majority stake in ProSiebenSat.1, will pay just under EUR 20 per share, which will flush more than half a billion euros into Springer's coffers. The sale still has to be approved by the Commission on Concentration in the Media (KEK).
Springer had attempted to take over ProSiebenSat.1 completely last year. However, this was prohibited by the Cartel Office (see
). The majority shareholder of the broadcasting group at the time, US billionaire Haim Saban, then sold his shares to US fund KKR and UK-based Permira. The latter had already attempted to take over the company in full with a takeover bid at the beginning of the year, but failed at that time due to Springer. The price now paid to Springer is significantly lower than the bid made in January.
Springer had attempted to take over ProSiebenSat.1 completely last year. However, this was prohibited by the Cartel Office (see
). The majority shareholder of the broadcasting group at the time, US billionaire Haim Saban, then sold his shares to US fund KKR and UK-based Permira. The latter had already attempted to take over the company in full with a takeover bid at the beginning of the year, but failed at that time due to Springer. The price now paid to Springer is significantly lower than the bid made in January.
