KKR and Permira sell C More Group AB to TV4

KKR and Permira's portfolio company ProSiebenSat.1 Media AG has sold its Swedish subsidiary C More Group AB, a pay TV business unit, to its Swedish rival TV4 AB, a national TV channel company, for roughly EUR320m in an auction process. No return figures have been disclosed.

The proceeds of the sale are said to serve debt of more than EUR3bn from the 100% acquisition of SBS Broadcasting Group for EUR3.3bn in 2007. According to reports, ProSiebenSat.1 is considering selling off more non-core activities in the future.

Stockholm-based C More is a pay TV provider active in Denmark, Sweden, Finland and Norway and has more than 900,000 subscribers.

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