German media giant ProSiebenSat.1 has received board approval for a deal with private equity firm General Atlantic. This agreement involves the acquisition of General Atlantic’s minority stakes in NuCom Group (excluding Flaconi) and ParshipMeet Group. Concurrently, ProSiebenSat.1 is preparing to sell its Verivox holdings.
This strategic move is a direct response to pressure from its major shareholder, MFE-MediaForEurope, who has consistently advocated for the divestment of non-core assets. The transaction will see ProSiebenSat.1 assume complete ownership of NuCom Group and ParshipMeet Group, significantly enhancing its strategic control and flexibility.
The financial terms are complex. ProSiebenSat.1 will pay €10 million in cash and transfer approximately 5.9 million treasury shares (roughly 2.5% of its share capital, valued at about €38 million) to General Atlantic. A further €50 million will be paid to General Atlantic upon the future sale of ParshipMeet Group. Additionally, General Atlantic will participate in any potential proceeds from an ongoing legal dispute concerning NuCom Group.
Importantly, General Atlantic will retain its 28.4% stake in Flaconi, which is held independently of NuCom Group. ProSiebenSat.1 maintains its 71.6% majority stake in Flaconi, plus a preferred equity interest of approximately €95 million by the end of 2024. The completion of the General Atlantic transaction hinges on the successful sale of Verivox, expected soon after the signing of the agreement.
By consolidating its holdings in NuCom Group and ParshipMeet Group, ProSiebenSat.1 aims for streamlined operations and sharper decision-making, particularly regarding future divestments. The planned Verivox sale directly addresses MFE-MediaForEurope's call for improved focus on core media operations.