Jan 13 2011
Kohlberg Kravis Roberts & Co. L.P. (together with its affiliates, "KKR") and funds advised by Permira ("Permira Funds") announce that Lavena Holding 5 GmbH, the holding company held jointly by KKR and the Permira Funds, is intending to sell in the market a total of 8 million preference shares, representing approximately 3.7% of the total share capital of ProSiebenSat.1 Media AG ("P7S1"), by way of an accelerated book building to institutional investors.
The proceeds of this one-off share disposal will be used to repay debt and improve the cash position of the Lavena group, thus securing and strengthening its capital structure. The transaction will increase P7S1's preference share free float and liquidity.
Following the transaction, KKR and Permira Funds will continue to hold approximately 53.0% of P7S1's share capital and 88% of its voting rights. Lavena Holding 5 GmbH has agreed on a customary 90 day lock-up period.
Book building will start immediately. This press release does not constitute an offer to sell, and the sale of P7S1 shares by Lavena Holding 5 GmbH does not constitute a public offering.