ProSiebenSat.1 Sells Etraveli to CVC Capital Partners

20/06/2017

ProSiebenSat.1 Sells Etraveli to CVC Capital Partners

Financial investor CVC acquires all Etraveli shares held by ProSiebenSat.1

Successful value increase since acquisition in November 2015

Review process of travel business to be continued

Munich, June 20, 2017. ProSiebenSat.1 Group is selling all its shares in Etraveli Holding AB to CVC Capital Partners, an international financial investor. The company, which is based in Uppsala, Sweden, is a global online travel agency (OTA) for flights and operates with the Gotogate, Supersaver and Seat24 brands. In addition, Etraveli also operates flight comparison portals (Flygresor.se and Charter.se) in Sweden. The sale of Etraveli to international financial investor CVC is subject to approval by the responsible cartel authorities.

Since ProSiebenSat.1's acquisition in November 2015, the company has significantly increased its revenues and earnings. In addition, the company's value (based on an enterprise value of EUR 508 million) more than doubled within this period. The ProSiebenSat.1 Group acquired Etraveli with an enterprise valuation of EUR 235 million. The joint growth strategy in recent years has focused on the internationalization of the Etraveli business. As a result, Etraveli now operates in around 50 countries, thereby laying the foundations for future growth. As per year end 2016 the transaction is based on a ratio of the company's enterprise value to adjusted EBITDA of c. 14.

With CVC Capital Partners, Etraveli has a strategic financial investor on board to drive the next stage of its international expansion jointly with the company's current management team. At the same time, ProSiebenSat.1 will continue the review process for the remainder of the online travel business (especially Weg.de, tropo).

ProSiebenSat.1 intends to reinvest the proceeds from the sale of Etraveli mainly in the Group's further growth. There are also plans to make further bolt-on acquisitions in the Digital Entertainment and Commerce business as well as in the area of Content Production. It is also planned to use the disposal proceeds for acquiring minority stakes in the existing companies of the portfolio.

The deconsolidation of Etraveli, which is subject to approval by the responsible cartel authorities and expected to take place in the third quarter of 2017, will result in an adjustment to ProSiebenSat.1 Group's medium-term financial targets for 2018. ProSiebenSat.1 Group will announce the details of this adjustment - taking into account the continuation of the strategic review for the remainder of the online travel business as well as acquisitions made till then - at the companies' Capital Markets Day (CMD) on December, 6th.

Christof Wahl, Member of the Executive Board and Group COO at ProSiebenSat.1 Media SE: The outstanding growth that Etraveli has achieved together with ProSiebenSat.1 in just a year and a half proves that our value enhancing investment strategy is a success. I would like to thank all of Etraveli's employees and particularly its CEO, Mathias Hedlund, for their efforts and professional cooperation. With CVC Capital Partners as a new investor, they will have a strong partner to continue their successful development.

Lorne Somerville, Partner and Head of TMT at CVC: The online travel sector is dynamic and fast-growing, and Etraveli is a clear front-runner due to its data-driven approach and highly scalable business model. We look forward to bringing the sector and wider CVC network together with Etraveli's excellent management team to transform the company into a truly global platform.

Mathias Hedlund, CEO of Etraveli: On behalf of the Etraveli team I would like to thank ProSiebenSat.1 for their support and contribution during a defining part of our growth journey. We wish ProSiebenSat.1 and all its employees the best for the future and welcome our new owners, CVC Capital Partners, to join us for the next chapter in our ambition to offer cheaper flight tickets to travelers around the world .

About ProSiebenSat.1

ProSiebenSat.1 Group is one of the most successful independent media companies in Europe with a strong presence in the TV and digital markets. Free TV financed by advertising is the core business of the Group. The station family comprising SAT.1, ProSieben, kabel eins, sixx, SAT.1 Gold, ProSieben MAXX, and kabel eins Doku is the Number 1 in the German audience and TV advertising markets. At the same time, the Group successfully networks the wide reach of its TV business thanks to its digital unit. Already today, ProSiebenSat.1 is Germany's leading video marketer on the Internet and one of the most successful providers of digital entertainment with maxdome and Studio71. ProSiebenSat.1 has also built up a successful e-commerce business in recent years, which is now one of the Group's most important growth drivers. This broadcasting, digital entertainment and commerce portfolio is supplemented by Red Arrow, an international production and distribution network. ProSiebenSat.1 was founded in October 2000 and employs around 6,000 people. Its share has been listed in Germany's benchmark index, the DAX, since March 2016.

About CVC Capital Partners

CVC Capital Partners is a leading private equity and investment advisory firm. Founded in 1981, CVC today has a network of 23 offices and approximately 400 employees throughout Europe, Asia and the U.S. To date, CVC has secured commitments of over $107 billion from some of the worlds leading institutional investors across its private equity and credit strategies. In total, CVC currently manages over $65 billion of assets. Today, funds managed or advised by CVC are invested in 50 companies worldwide, employing c.310,000 people in numerous countries. Together, these companies have combined annual sales of over $70 billion. For f

LINK:	http://en.prosiebensat1.com/en/press/prosiebensat-1-sells-etraveli-to-...
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