German media company ProSiebenSat.1 has approved a proposed agreement with private equity firm General Atlantic to acquire its minority stakes in NuCom Group (excluding Flaconi) and ParshipMeet Group, while also preparing to sell Verivox.
The move marks a significant step in streamlining the company’s structure and responding to long-standing calls from its largest single shareholder, MFE-MediaForEurope, to divest non-core assets.
The company’s Executive Board and Supervisory Board have given the green light to the transactions, with binding agreements expected to be signed shortly. Once finalised, ProSiebenSat.1 will assume full control of NuCom Group and ParshipMeet Group, strengthening its strategic flexibility over these businesses.
Under the terms of the agreement, ProSiebenSat.1 will acquire General Atlantic’s entire minority shareholdings in NuCom Group and ParshipMeet Group. The deal includes a cash component of €10 million, the transfer of approximately 5.9 million ProSiebenSat.1 treasury shares – representing 2.5% of the company’s share capital and valued at around €38 million – as well as a fixed €50 million exit participation for General Atlantic upon ProSiebenSat.1’s future divestment of ParshipMeet Group. Additionally, General Atlantic will share in any proceeds from an ongoing legal dispute involving NuCom Group, though potential claims from the case are not currently reflected in ProSiebenSat.1’s accounts.
General Atlantic will continue to hold its 28.4% minority stake in Flaconi directly, rather than through NuCom Group. Meanwhile, ProSiebenSat.1 will maintain its 71.6% majority stake in Flaconi, along with a preferred equity interest of approximately €95 million as of year-end 2024.
The completion of the General Atlantic transaction is contingent upon the finalisation of the Verivox sale, which is anticipated shortly after signing, along with expert valuation confirmation of the underlying financial terms.
By consolidating ownership of NuCom Group and ParshipMeet Group, ProSiebenSat.1 aims to streamline its portfolio and exercise greater control over strategic decisions, including potential divestments. The planned sale of Verivox aligns with broader restructuring efforts and fulfils demands from MFE-MediaForEurope, which has long advocated for the disposal of non-core assets to sharpen ProSiebenSat.1’s focus on its core media business.
