KKR, Permira Sell Final Stake in ProSiebenSat.1

Prosieben HQ - H 2013

UPDATED: The remaining 17 percent stake in the German broadcaster sold for $1.76 billion.

Private investment groups KKR and Permira have confirmed they have sold the remaining 17 percent stake they jointly hold in German broadcasting group ProSiebenSat.1 for $1.76 billion (€1.3 billion).

KKR called ProSiebenSat.1 a "success story." Sources quoted by the Wall Street Journal said the two buyout firms generated around a 1.2 times multiple on the deal.

Permira and KKR paid a reported $4.2 billion for then-struggling ProSiebenSat.1 back in 2007. The German broadcasting group was then merged with SBS Broadcasting, a channel group controlled by KKR/Permira, in an deal that loaded ProSieben with a mountain of new debt. In 2011 and 2012 ProSieben was forced to sell off SBS' Scandinavian and Benelux operations to pay down its debts.

But under the two private equity investors, ProSieben's core German business has continued to grow and share prices have shot up.