Northern, WI 02/05/2013 (usmarketbuzz) – According to an unidentified source, Permira Advisers LLP and KKR & Co., (NYSE:KKR), have taken JPMorgan Chase & Co. (NYSE:JPM) on-board to explore options for a spinning off their controlling stake (53%) in ProSebienSat.1 Media (NASDAQ:PSM). The two firms may either consider selling their stake in the German broadcaster to another company or they may go on the market as well. Today in Frankfurt, ProSebienSat.1 decreased 3.3% and the holding may be sold at $3.9 billion.
On Jan. 30, CEO Thomas Ebeling sold 300,000 shares for roughly 7.5 million Euros, according to reports from the company. The preference shares from its highest level in nearly five and a , half years, going down by 85.5 cenearlying at 25 Euros in Frankfurt earlier today.
According to ProSebienSat.1’s website, Permira and KKR & Co. (NYSE:KKR) are owners of 18% of the preferred shares that do not have voting rights and 88% of the voting stock. The reaming 12% of the preferred stock is owned by Telegraaf Media Groep NV (AMS:TMG), a Dutch publisher.
In December, ProSebienSat.1 made an agreement to sell the Nordic unit of Companhia de Saneamento Basico (ADR) (NYSE:SBS) including television networks in Finland, Denmark, Sweden and Norway, for $1.7 billion.
Alongside announcing the deal the company also declared that an investor’s pole will be conducted to consider conversion of preferred stock to listed securities when the next annual meeting will convene. This conversion of shares would help grease the wheels for Permira and KKR & Co. (NYSE:KKR)’s exit from ProSebienSat.1.
The shares of KKR & Co. (NYSE:KKR) were down by 0.23% to close at $17.45.
The shares of Companhia de Saneamento Basico (ADR) (NYSE:SBS) was up by 2.65% to close at $46.47.
The shares of ProSebienSat.1 Media (ETR:PSM) is at $25.00.
The shares of Telegraaf Media Groep NV (AMS:TMG) is at $8.70.