KKR and Permira Buy Majority of ProSiebenSat.1

Private-equity firms Kohlberg Kravis Roberts of the U.S. and Permira of Europe have signed a share-purchase agreement for the acquisition of German Media Partners' majority stake in broadcaster ProSiebenSat.1 Media, ProSieben said Friday.

The deal values ProSiebenSat.1, Germany's largest television broadcaster by advertising revenue, at 5.6 billion euros ($7.4 billion), KKR and Permira said on Thursday.

The private equity firms said they would pay 28.71 euros per common share and 22.40 euros per preference share to buy a 50.5% stake in the group. They also announced their intention to buy the remaining preference shares in free float, offering 22.46 euros per share.

The figure is significantly below ProSieben's closing share price of 23.50 euros on Thursday and represents the volume-weighted average share price over the three months prior to the takeover offer.

The deal marks the end of a bidding war for ProSieben where the KKR and Permira partnership was challenged by Turkish media group Dogan Yayin Holding and a combined bid from Apax Partners of the U.K. and Goldman Sachs Group of the U.S., The Wall Street Journal reported.