Clifford Chance advised Telegraaf Media Groep N.V. (TMG) in connection with the sale of 13,127,832 ordinary shares representing 6% in the capital of ProSiebenSat.1 Media AG, a German company listed on the Frankfurt Stock Exchange. The launch of the transaction by way of an accelerated bookbuilding procedure was announced on 5 September 2013 after close of trading. Allocation and pricing took place in the morning of 6 September 2013. Deutsche Bank acted as the sole bookrunner and has underwritten the transaction, with ABN AMRO acting as financial adviser to TMG.
With proceeds of approximately EUR 391 million, the transaction represents a significant milestone for TMG. It also marks the end of its investment in ProSiebenSat.1 Media AG which TMG originally made in 2008.
This is the first time Clifford Chance acted for TMG. Hans Beerlage led the international team for this transaction, which included Michael Otte and Mark Loefs as well as Dirk-Jan Duynstee from the Amsterdam office. Bernd Meyer-Witting and Susanne Schuler from the Frankfurt office advised on German media regulatory aspects, with Philipp von Ploetz advising on German corporate law and securities aspects. The team furthermore included Tony Lally and Simon Thomas from the London office, as well as Arthur Levi who advised on US securities law aspects.