Press Release
Axel Springer AG Announces Purchase of a Majority Interest in ProSiebenSat.1 Media AG for €2.47 Billion
Milbank Represents ProSiebenSat.1 Media AG in the Acquisition
MUNICH, GERMANY, August 8, 2005 – Axel Springer AG has announced that it will acquire a majority interest in ProSiebenSat.1 Media AG from a consortium of U.S. investors led by Haim Saban and several investment funds for €2.47 billion and launch a tender offer for the remaining shares, in a deal that values ProSiebenSat.1 Media at €4.15 billion. The acquisition, which is subject to the approval of the antitrust and media regulators, will be followed by an intended merger of the two companies.
The Munich office of Milbank, Tweed, Hadley & McCloy LLP represented ProSiebenSat.1 Media AG in the transaction and will be advising ProSiebenSat.1 in connection with the expected tender offer by Axel Springer and the subsequent envisaged merger of Axel Springer and ProSiebenSat.1.
The Milbank team representing ProSiebenSat.1 Media AG in this transaction was jointly led by Dr. Norbert Rieger (Corporate/Tax) and Dr. Ulrike Dormann (Corporate/Securities), with Dr. Christoph Rothenfuβer, Dr. Martin Erhardt, Kerstin Grupp (Corporate) and Dr. Thomas Kleinheisterkamp (Tax). New York partner Douglas Tanner and London partner Tom Siebens advised on U.S. Securities Laws.
Earlier this year, Milbank’s Munich office represented ProSiebenSat.1 Media AG in its take over of all interests in EUVÍA Media AG & Co. KG.
About the Media Companies:
ProSiebenSat.1 Media AG (PSM.XE) is Germany’s largest commercial television broadcaster. Its four channels (Sat.1, ProSieben, N24 and Kabel 1) collectively command an estimated 45% market share.
Axel Springer AG (SPR.XE) is Germany’s largest newspaper publishing house with over 150 newspapers and magazines in 27 countries, including Germany’s best-selling daily Bild.
About Milbank:
Milbank, Tweed, Hadley & McCloy LLP is a global law firm headquartered in New York, with offices in Washington, D.C., Los Angeles, Palo Alto, London, Frankfurt, Munich, Tokyo, Hong Kong and Singapore. Milbank is a recognized leader in mergers and acquisitions, capital markets and corporate finance, project finance, acquisition finance and other major fields of legal practice. Milbank has English, German and U.S. law capabilities, and provides a full range of services to many of the world’s leading financial, industrial and commercial enterprises, as well as governments, institutions and individuals.