Axel Springer AG is to acquire a controlling interest in ProSiebenSat.1 Group from P7S1 Holding L.P, the acquisition vehicle set up by US media entrepreneur Haim Saban of Saban Capital and a group of private equity investors including Bain Capital Partners, Hellman & Friedman, Providence Equity Partners, Quadrangle Group and Thomas H. Lee Partners, to acquire the business in September 2003.
The acquisition will boost Axel Springer AG’s existing stake of about 12% to 100% of the voting common stock and 25% of the nonvoting preferred stock. The purchase price will be E23.37 per share of common stock, and E14.10 per share of preferred stock. The acquisition is subject to approval by the antitrust authorities and media regulators. Once the purchase is complete, Axel Springer AG will hold 62.5% of the total capital stock of ProSiebenSat.1 Media AG.Following the sale, P7S1 Holding L.P will retain a minority stake in the business. Axel Springer intends to launch a voluntary public tender offer for the remaining preference shares in the business and thereafter plans to merge Axel Springer with ProSiebenSat.1 Media.