Lavena Holding 5 GmbH Sells 8m Preference Shares of ProSiebenSat.1 Media AG (Representing 3.7% of Total Capital)By Lavena Holding 5, PRNE
Wednesday, January 12, 2011
MUNICH, January 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
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.
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
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 alternative asset manager with $55.5 billion in assets under
management as of September 30, 2010. With over 650 people and 14 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 platforms. 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
EUR20 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.
Permira is wholly independent and owned by its Partners. 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 over 190 private equity investments since
1985 and have returned EUR16 billion to their investors over the past decade.
Current investments include Birds Eye Iglo, Hugo Boss, All3Media and AA Saga.
For more information visit: www.permira.com.
KKR : Permira: Press contact: Press contact: Anna Schächter +49-69-92-1874-78 Ulrich Porwollik +49-69-97-1466-40
KKR : Press contact: Anna Schächter, +49-69-92-1874-78; Permira: Press contact: Ulrich Porwollik, +49-69-97-1466-40
Tags: Germany, January 13, Lavena Holding 5, Munich