Permira has cut its stake in German TV company Premiere following its March IPO on the Frankfurt Stock Exchange.
Permira, along with Austrian bank Bawag, Bayerische Landesbank and HypoVereinsbank, raised €493m from the remaining shares.
The pay-TV operator was floated in March with a market capitalisation of €2.3bn. At the time of listing, Permira cut its stake from 55% to 23.7%. Following this new offer, the firm owns 5.9%, and the banks have cut their interest from a combined 8.6% to 2.6%.
Permira’s Europe II Fund took a 65.13% share in Premiere in February 2003, with Bayerische Landesbank and the HypoVereinsbank each acquiring a 10% interest and the Austrian Bank fur Arbeit und Wirtschaft (BAWAG) acquiring 3.5%.