September 6, 2013 08.29 Europe/London By Robert Briel
The Dutch publishing house Telegraaf Media Groep (TMG) has launched the sale of its ordinary shares in ProsiebenSat.1 Media.
TMG has launched today the sale of 13,127,832ProSiebenSat.1 shares, representing approximately 6.0% of the share capital of ProSiebenSat.1 and the entirety of TMG’s stake, through an institutional private placement by way of an accelerated bookbuilding limited to institutional investors. Deutsche Bank is acting as sole Bookrunner.
Prior to the sale TMG’s holding represented an interest of 6.0% in the share capital of ProSiebenSat.1, which represented a book value of EUR 230.8 million as per December 31, 2012, the date of the most recently adopted consolidated annual accounts of TMG.
TMG acxquired the shares in 2008 for EUR377 million when ProSiebenSat1 acquired the Dutch SBS Broadcasting, in which TMG was a shareholder. At the closing of the market on Thursday, September 5, ProSiebenSat.1 shares traded at EUR31.10, putting the value of the TMG shares at EUR408.3 million.
Earlier this week KKK and Permira sold a quarter of their stake, divesting 11% of the shares in the broadcaster in a placement that was worth roughly EUR800 million.