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PRINT THIS PAGE Private equity groups sell ProSiebenSat.1 in €2.5bn deal05/08/2005. Source: AltAssets. 
 US media entrepreneur Haim Saban and a group of private equity investors including Bain Capital Partners, Hellman & Friedman, Providence Equity Partners, Putnam Investments, Quadrangle Group and Thomas H. Lee Partners have sold their controlling interest in German private TV broadcasting company ProSiebenSat.1 Media AG to German publishing group Axel Springer. The deal is valued at around €2.5bn.
The investors acquired the company almost exactly two years ago from the insolvent Kirch media empire through their acquisition vehicle P7S1 Holding for a reported €525m.
ProSiebenSat.1 operates TV channels Sat.1, ProSieben, kabel eins and N24. Axel Springer is the publisher a range of newspapers and magazines including daily newspapers BILD, Die Welt, Berliner Morgenpost and Hamburger Abendblatt.
Following the acquisition Axel Springer will have increased its shareholding in ProSiebenSat.1 from 12 to 100 per cent of the common shares and 25 per cent of the preference shares. Axel Springer plans to launch a voluntary public tender offer to the remaining preference shareholders and, thereafter, merge Axel Springer with ProSiebenSat.1, which will then form Germany's second-largest media company after Bertelsmann.
Hellman & Friedman bought a 19.4 per cent stake in Axel Springer for €350m in 2003. The acquisition was part of the US-based private equity firm's effort to expand its activities in Europe.
Copyright © 2005 AltAssets
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