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Private equity firms back E1bn acquisition of German television network

13/08/2003. Source: AltAssets.

A private equity consortium consisting of Bain Capital, Hellmann & Friedman, Providence Equity Partners, Quadrangle Group and Thomas Lee Partners has joined Saban Capital Group in the acquisition of German television network conglomerate ProSiebenSat. The transaction has been valued at over E1bn.

The consortium has acquired Germany's largest television group from KirchMedia. KirchMedia has been made insolvent and the company's creditors approved the sale after a late bid from Apax Partners failed to change their mind.

Saban Capital Group specialises in media and entertainment investing. The firm was established in 2001 after Haim Saban sold his television broadcasting, production, distribution, merchandising and music conglomerate to Walt Disney for $5.2bn.

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