Private equity firm Permira has sold its final 10.1% stake in German mobile operator freenet for E114.8m.
Goldman Sachs and UBS managed the sale of Permira’s 12.9 million shares, which were sold for E8.90 each. Permira, which is in need of funds to repay…
Private equity firm Permira has sold its final 10.1% stake in German mobile operator freenet for E114.8m.
Goldman Sachs and UBS managed the sale of Permira’s 12.9 million shares, which were sold for E8.90 each. Permira, which is in need of funds to repay investors, divested the stake via its Dutch based investments vehicle Telco Holding, in an accelerated bookbuild with a target raise of E119m.
In a statement Joerg Rockenhaeuser, head of Permira Germany said: “Freenet now has a robust governance with an experienced board. It was now the right time to exit this successful investment.”
In September 2009 Permira sold a 14.9% stake in freenet, again through a placement, raising E176.7m with shares priced at E9.25.
Cyrte Investments and Goldman Sachs recently sold 4 million and 4.5 million shares in freenet, respectively.
United Internet and Drillisch are now freenet’s largest shareholders with a joint holding of 16.57%.