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Lavena Holding 1 GmbH sells 25m shares of ProSiebenSat.1 Media AG
Munich (ots) - Kohlberg Kravis Roberts & Co. L.P. (together with its affiliates, "KKR") and funds advised by Permira ("Permira Funds") announce that Lavena Holding 1 GmbH ("LH1"), the holding company held jointly by KKR and the Permira Funds, is intending to sell in the market a total of 25 million shares of ProSiebenSat.1 Media AG ("ProSiebenSat.1"), by way of an accelerated book building to institutional investors.
The share sale is another step in the gradual exit of the former majority shareholders. On July 23 the shareholders of ProSiebenSat.1 have agreed at the Annual General Meeting to merge the two share classes of ordinary shares and preferred shares. This became effective on 16 August 2013. After the share class merger, LH1 held 44% of ProSiebenSat.1's share capital. Following the transaction, KKR and Permira Funds will continue to hold approximately 33%.
The net proceeds from this transaction will be used to repay debt at the level of LH1. In addition, the transaction will further strengthen ProSiebenSat.1's liquidity and therewith enhance its German MDAX index weighting. LH1 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 ProSiebenSat.1's shares by LH1 does not constitute a public offering.
Some of the information in this press release may contain predictions, expectations or forward-looking statements. These statements may entail known or unknown risks or uncertainties. Actual results and developments may therefore differ materially from the expressed expectations and assumptions. The performance of financial markets, the development of exchange rates, amendments to national and international laws, in particular concerning tax regulations, may also have an impact. Except as provided by law, KKR, the Permira Funds and the Lavena Group, undertake no obligation to update forward-looking statements.
The preference shares will not be or have not been registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.
Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a leading global investment firm with $83.5 billion in assets under management as of June 30, 2013. With offices around the world, KKR manages assets through a variety of investment funds and accounts covering multiple asset classes. KKR seeks to create value by bringing operational expertise to its portfolio companies and through active oversight and monitoring of its investments. KKR complements its investment expertise and strengthens interactions with investors through its client relationships and capital markets platform. KKR is publicly traded on the New York Stock Exchange (NYSE: KKR).
For additional information, please visit KKR's website at www.kkr.com.
Permira is a private equity firm with a European heritage and a global reach. The firm advises funds with a total committed capital of approximately EUR22 billion. The Permira funds, raised from pension funds and other institutions, make long-term investments in companies with the ambition of transforming their performance and driving sustainable growth. The firm's teams are based in Frankfurt, Guernsey, Hong Kong, London, Luxembourg, Madrid, Menlo Park, Milan, New York, Paris, Stockholm and Tokyo. They specialise in five key sectors of activity: Consumer, Financial Services, Healthcare, Industrials and TMT. The Permira Funds have made close to 200 private equity investments since 1985 and are currently invested in 25 companies.
For more information visit: www.permira.com
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