UPDATE 1-KKR, Permira sell ProSieben shares to cut debt

* Deutsche Bank says shares placed at 24.20 euros apiece

* Based on price, placement is worth 193.6 million euros

* ProSieben shares down 2.5 pct

(Adds placing price)

FRANKFURT, Jan 13 (BestGrowthStock) – Private equity firms KKR
[KKR.UL] and Permira [PERM.UL] have sold shares in German
satellite broadcaster ProSiebenSat1 (PSMG_p.DE: ) to raise about
193.6 million euros ($252.6 million), banks managing the sale
said.

Deutsche Bank, one of the managing banks, said on Thursday
it had placed 8 million non-voting preferred shares in the
company on behalf of Lavena Holding 5, an investment vehicle of
KKR and Permira, at 24.20 euros per share.

KKR and Permira had announced plans for the sale — which
amounts to about 3.7 percent of ProSieben’s share capital —
late on Wednesday to pay down debt and to improve Lavena’s
liquidity.
KKR and Permira said once the sale was completed, they would
hold 53.0 percent of ProSieben’s share capital as well as 88
percent of the common shares with voting rights.

Shares in ProSieben were 2.5 percent lower at 23.93 euros
apiece by 1016 GMT.

Sources told Reuters in November KKR and Permira were
considering all options regarding their stake in the company.
[ID:nLDE6BD15D]
(Reporting by Soeren Amelang; Writing by Christoph Steitz.
Editing by Jane Merriman)
($1=.7665 Euro)