KKR and Permira free to exit ProSiebenSat.1

Shareholders approved a 1:1 stock conversion deal at two separate meetings yesterday. Non-voting preference shares were converted into voting common shares, which are all admitted to stock exchange trading.

Once approved and entered into the commercial register, the official conversion will happen in August. KKR and Permira's joint share of ProSiebenSat.1 will stand at 44%.

The private equity firms are said to have eyed an exit from the broadcaster for some time.

Permira and KKR's joint stake is worth around €3.4bn, according to media reports. They acquired the media company in 2007 for an estimated €3.1bn.

Permira and ProSiebenSat.1 were not yet available for comment.

KKR's Johannnes Huth was appointed chairman of the ProSiebenSat.1 supervisory board. He succeeded Götz Mäuser, who remains board member. Jörg Rockenhäuser was appointed vice chairman of the supervisory board.

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• Topics
• DACH
• Media
• KKR
• Permira