KKR and Permira buy ProSiebenSat.1 debt

According to reports, Kohlberg Kravis Roberts & Co (KKR) and Permira have bought about EUR100m of ProSiebenSat.1's debt at a discount.

The two buyout houses bought a majority stake in the German TV broadcasting group from German Media Partners in December 2006. At the time, the transaction valued ProSiebenSat.1 Media at approximately 55.9bn.

KKR made the debt purchase through KKR Fixed Income, while Permira invested through Permira Debt Managers. It is understood that KKR and Permira have already written off four fifths of the value of their investment in ProSiebenSat.1.

Since the credit crunch started, a number of private equity houses have bought debt in companies in which they already own equity stakes.

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