ProSieben oks General Atlantic deal on digital assets
The deal with General Atlantic is expected to pave the way to the sale of ProSieben digital assets, including e-commerce portal Verivox to Italy's Moltiply Group (MOL.MI), opens new tab.
ProSieben agreed to pay 10 million euros ($10.85 million) in cash and 5.9 million treasury shares of the company, with a current market value of 38 million euros and corresponding to 2.5% of the company's share capital.
The payment includes a fixed exit participation of 50 million euros for GA when ProSieben sells the ParshipMeet Group.
The deal with General Atlantic does not include a convertible bond ProSieben had considered that would have given GA up to 10% in the German broadcaster. Earlier this week the supervisory board put on hold the convertible bond, which would have diluted existing shareholders.
Verivox's sale process is being closely followed by the top two investors in ProSieben: MFE-MediaForEurope (MFEB.MI), opens new tab, the TV group controlled by Italy's Berlusconi family, and Czech investment company PPF.
Both MFE and PPF have called on ProSieben to focus on its core TV business and part ways with its e-commerce and online assets.
The GA deal includes the acquisition of the entire minority shareholdings in NuCom Group, excluding perfume e-retailer Flaconi.
General Atlantic will hold its 28.4% minority stake in Flaconi directly and not, as currently, indirectly through NuCom Group.
($1 = 0.9216 euros)
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