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Permira finalises 65 per cent stake in German pay-TV Premiere

Private equity giant Permira has taken a 65.1 per cent stake in Munich-based Premiere, paying around E143m.

Some 11.37 per cent of the shares will be held by Premiere's management and the rest will be in the form of debt from Bayerische Landesbank, HypoVereinsbank and the Austrian Bank für Arbeit und Wirtschaft.

Thomas Krenz, managing director of Permira, explained the move: ‘We have undertaken a serious, in-depth analysis of Premiere's business model. We believe in a successful and profitable future for pay-television in Germany.

‘Over the last twelve months, Premiere has freed itself from the baggage of the past. The new business plan is based on realistic assumptions. We are confident that with its excellent management team, Premiere will be moving into profitability.'

EU Commission competition authorities have already cleared the transaction.

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