ProSiebenSat.1 sale review set for February 22

The European Commission has announced it will complete its inquiry into the sale of ProSiebenSat.1 Media AG, to KKR and Permira by February 22.
The private equity funds apparently are in a hurry to acquire ProSiebenSat.1 Media AG, as KKR and Permira want to merge Germany’s largest private broadcast with SBS Broadcasting, acquired in 2006.
The German Media regulator KeK is scheduled to discuss the deal at its February 6 meeting. However, a ruling is not expected to be issued at that time.
On December 14, 2006 KKR and Permira, through Lavena Holding 4 GmbH, agreed to acquire 50.5% of the broadcast group’s equity – equivalent to an 88% voting interest – from Haim Saban-led German Media Partners. The deal values the company at approximately €5.6 billion.
ProSiebenSat.1 Media AG’s shareprice slid 1.8% to €26.1 last Monday as Deutsche Bank reportedly informed clients it had sold 3.6 million shares in Germany’s largest broadcast group at that level. Although KKR and Permira have launched a bid to acquire the remaining outstanding stock, the current offer is lower than the broadcaster’s listed shareprice.