Kofler cashes out Premiere stake of 12%

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BERLIN -- Georg Kofler, CEO of leading German pay-TV group Premiere has sold his entire 11.6% stake in the company, some 11 million shares, to institutional investors.

Kofler and Premiere declined to comment on financial details of the deal but based on Premiere's current share price, the price tag was around €183 million.

The deal, which was managed by Goldman Sachs, allows Kofler to cash out of his initial investment in Premiere and pay off the German and Austrian banks that initially backed him with a Mezzanine loan enabling him to acquire his stake.

Kolfer, who will stay on as head of Premiere, said he will buy up at least €10 million in Premiere shares at market price as a sign that he "remains invested in Premiere going forward."

"The flexibility of my Premiere holding was significantly restricted until now by the Mezzanine loan," Kofler said. "With this transaction, I want to improve my flexibility as an investor and entrepreneur."

Premiere shares dropped sharply on the news, initially falling more than 6% to €16.32.
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