Permira sells out of Freenet
UK private equity firm Permira has sold its remaining 10.1% stake in German mobile group Freenet for €114.8 million.
The divestment via its Dutch-based Telco Holding investment vehicle was prompted by calls from shareholders demanding
a return on the investment.
"Freenet now has a robust governance with an experienced board... it was now the right time to exit this successful investment," said the head of Permira Germany, Joerg Rockenhaeuser.
Permira has been struggling with its investments, including debt-laden German commercial broadcaster ProSiebenSat.1 .
Permira became a major shareholder in freenet in 2008 when it merged its telecom operator Debitel with freenet in a bid to stop the mobile group from being broken up.
Freenet's core shareholders are now domestic competitors United Internet and Drillisch, who hold a combined 16.57%.