PRINT THIS PAGE Permira and KKR to acquire European commercial company SBS Broadcasting22/08/2005. Source: AltAssets. 
 Europe-based private equity firm Permira and US buy-out giant Kohlberg Kravis Roberts & Co. have agreed to acquire European commercial television and radio broadcasting company SBS Broadcasting in a transaction valuing SBS at approximately €2.094bn. The two private equity firms will pay SBS €1.691bn in cash for all of SBS's assets, and assume its liabilities, resulting in a total transaction value - excluding minorities - of approximately €1.864bn.
Upon completion of the transaction, SBS is expected to delist its common shares from Nasdaq and Euronext Amsterdam and commence voluntary liquidation proceedings.
Götz Mäuser, partner at Permira, and Dominic Murphy, managing director at KKR, said in a joint statement, 'We believe that SBS's multi-territory presence, cross-media expertise and leading positions in high-growth markets are excellent differentiators in a competitive environment. Both Permira and KKR are committed, long-term investors, and we look forward to working with management to build on SBS's success.'
Permira advises the Permira Funds with a total committed capital of €11bn. In October 2003 Permira closed its third pan-European fund, Permira Europe III, which totals over €5bn. The firm has offices in Frankfurt, London, Madrid, Milan, New York and Stockholm. A few days ago Permira announced that it had agreed to buy an equity stake in the bingo and casino company Gala in a deal valuing the group at £1.89bn.
KKR has offices in New York, Menlo Park and London. The firm recently teamed up with Silver Lake Partners to acquire Agilent Technologies' Semiconductor Products Group for $2.66bn.
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