KKR & Permira sell 12% of ProSiebenSat.1 Media

KKR & Permira have sold 12% of ProSiebenSat.1 Media AG to Dutch Telegraaf Media Groep. The acquired interest encompasses 13,127,832 ordinary shares with voting rights for EUR377m. In June 2007, at the time of the sale of the TMG participation in SBS for EUR433m, which was acquired by ProSiebenSat.1, TMG and Lavena Holding 4 GmbH had agreed upon an option arrangement concerning the acquisition of an interest in ProSiebenSat.1 by TMG. Under this arrangement TMG acquired a call option and Lavena a put option, both of which would be exercisable in 2008.

In May 2008, TMG announced that it would not exercise its call option (call price per share: EUR32.61). Lavena exercised its put option in August 2008 (put price: EUR28.71 per share). After the financial report for the second quarter of 2008 was published, ProSiebenSat.1 Media AG's shares have plummeted and stand at EUR6.75 as of 27 August 2008.

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