Permira and KKR Complete Acquisition of SBS Broadcasting S.A.
18 Outubro 2005 - 1:32PM
PR Newswire (US)
- Markus Tellenbach Continues to Lead SBS as Chief Executive
Officer - LUXEMBOURG, Oct. 18 /PRNewswire/ -- SBS Broadcasting S.A.
and PKS Media S.a.r.l, a company controlled by funds advised by two
leading private equity firms, Permira and KKR, announced today that
PKS Media has completed the previously announced acquisition of
substantially all of the assets and liabilities of SBS. PKS Media
will be renamed SBS Broadcasting S.a.r.l. Markus Tellenbach will
continue as Chief Executive Officer. Mr. Tellenbach will be
appointed to the Board of Directors of the new holding company for
the SBS group, together with Harry Evans Sloan, former executive
chairman of SBS, and Juergen von Schwerin, who will continue as
Chief Financial Officer. The new board will also include Lord
Hollick, a KKR executive, as chairman, Gotz Mauser, a Permira
partner, as vice chairman, Arnold Bahlmann, a former member of
Bertelsmann's executive board and an advisor to Permira, Katrin
Wehr-Seiter of Permira and Johannes Huth and Dominic Murphy of KKR.
SBS Broadcasting S.A., the former holding company, which is being
renamed "TVSL, societe anonyme," is now entering into a liquidation
process under which it will distribute the proceeds of the asset
sale and certain other amounts to SBS shareholders and holders of
SBS stock options. The record date for the liquidation distribution
is the closing date, October 18, 2005. Each shareholder of the
former SBS on the record date is entitled to receive payment of the
liquidation distribution, which is currently expected to be made on
or about November 8, 2005. Based on the factors described in the
Shareholders' Circular dated September 1, 2005, the liquidation
distribution is expected to be approximately 46 euro per share. As
a convenience to shareholders, TVSL (the former SBS) will offer
each shareholder of the former SBS on the record date the
opportunity to elect to receive the U.S. dollar equivalent in cash
of the euro amount of the liquidation distribution. For
shareholders that so elect, the euro amount will be converted into
U.S. dollars at a market rate obtained by TVSL (net of expenses of
the conversion of euros into U.S. dollars). Harry Evans Sloan,
founder and former executive chairman of SBS, commented, "The
acquisition of SBS by funds advised by Permira and KKR represents a
very attractive transaction for our shareholders. It has been my
pleasure to have led SBS since I founded the company in 1990, and I
look forward to working with Permira, KKR and my colleague and
friend Markus Tellenbach, one of the finest executives I have had
the pleasure of working with. I would like to thank the employees
of SBS, who have contributed so much to the success of the
Company." Mr. Sloan concluded, "The transaction represents the
endorsement by Permira and KKR, two of the world's leading private
equity firms, of SBS, its business model and its growth strategy
and will foster SBS's future success." Markus Tellenbach, Chief
Executive Officer of SBS, stated, "I am pleased that SBS has grown
into one of Europe's leading companies. Harry Sloan and the SBS
Board gave me and the rest of the management team the support
needed to transform SBS." Mr. Tellenbach also said, "I look forward
to working with Permira, KKR, the new board and the SBS management
team to expand and diversify our presence in Europe and continue to
build upon SBS's growth story. I am very happy that Lord Hollick, a
recognized industry leader, has agreed to become the chairman."
Permira and KKR stated that they are very pleased with the
acquisition and that they are confident that the success of SBS
under the leadership of Markus Tellenbach will continue. Deutsche
Bank acted as financial advisor to the special committee of SBS
that considered and negotiated the transaction, and Sullivan &
Cromwell LLP and Arendt & Medernach acted as the committee's
legal advisors. Lehman Brothers acted as financial advisor to
Permira and KKR, and Freshfields Bruckhaus Deringer and Simpson
Thacher & Bartlett LLP acted as their legal advisors. Barclays
Capital, Lehman Brothers and Royal Bank of Scotland provided debt
financing for the transaction. Forward-Looking Statements The
statements in this press release regarding the timing and expected
amount for the liquidation distribution are forward-looking. The
timing for and amount of the liquidation distribution may change.
For information regarding factors that could affect the timing for
and amount of the distribution to shareholders and payments to
option holders, please see the Shareholders' Circular, which is
available on SBS's website at http://www.sbsbroadcasting.com/.
About SBS Broadcasting SBS is a European commercial television and
radio broadcasting company with operations in Western and Central
Europe. Countries where SBS currently has broadcasting assets
include: Belgium (Flanders), Denmark, Finland, Greece, Hungary, The
Netherlands, Norway, Romania and Sweden. About Permira Permira is a
leading European-based private equity firm. Permira acts as advisor
to the 18 Permira Funds, totaling approximately 11 billion euro,
that have been raised since 1985. These funds have invested in over
260 transactions in 15 different countries, in companies across a
variety of sectors and geographies, at all stages of the business
lifecycle. For further information about Permira, visit
http://www.permira.com/. About KKR KKR is one of the world's oldest
and most experienced private equity firms specializing in
management buyouts, with offices in New York, Menlo Park, London,
Paris and Hong Kong. Over the past 29 years, funds advised by KKR
have invested in more than 130 transactions involving over US$162
billion of total financing. For further information about KKR,
visit http://www.kkr.com/. For further information visit
http://www.sbsbroadcasting.com/. DATASOURCE: SBS Broadcasting S.A.
CONTACT: Investors - Mike Smargiassi, or Jon Lesko, both of
Brainerd Communicators, +1-212-986-6667; Press - Jeff Pryor, of
Pryor & Associates, +1-818-338-3555, all for SBS Broadcasting;
Press - James Leviton or Melanie Gerlis, both of Finsbury,
+44-207-251-3801, both for Permira and KKR Web site:
http://www.sbsbroadcasting.com/ http://www.permira.com/
http://www.kkr.com/
Copyright