Kofler cashes out Premiere stake of 12%
EmptyGeorg Kofler, CEO of leading German pay TV group Premiere, has sold his 11.6% stake in the company, about 11 million shares, to institutional investors.
Kofler and Premiere declined comment on financial details of the deal, but based on Premiere's current share price, the price tag was about €183 million ($238 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.