ProSieben has sold its Windstar Medical subsidiary for €280 million.
While the disposal was not unexpected, the sale price as some €30 million better than expected. The buyer is Oakley Capital and the transaction is expected to wrap during this current quarter-year.
ProSieben owned 92 per cent of Windstar (held via its NuCom division). The remaining 8 per cent was held by minority investors who also sold their stakes. A major co-investor in ‘NuCom’ is General Atlantic (with 28.4 per cent) so the actual sum received by ProSieben will be around €184 million.
A note to clients by investment bank Exane/BNPP said: “While the disposal as such does not come as a huge surprise, we note the higher than expected valuation achieved as a positive. We expect the shares to react positively as this disposal shows that the group is actively reshaping its portfolio in efforts to de-lever and focus on its Entertainment business.”