Permira sells 14.9% stake in freenet

Private equity firm Permira has sold a 14.9% stake in German multi-service operator (MSO) freenet, representing 19.1 million shares. The sale has reduced Permira’s total shareholding to 10.1%, down from 24.99%. Reuters reports that the equity firm booked EUR176.7 million (USD261 million) on the sale. ‘freenet has established itself as the third largest player in the German telecoms market and the management under the leadership of Christoph Vilanek is implementing a clear and successful strategy for the company,’ commented Jorg Rockenhauser, managing partner of Permira Germany, adding, ‘We communicated over a year ago that the Permira Funds would reduce our stake at some point and now is an appropriate time for them to do so. The remaining stake of over 10% is a sign of our continued support of freenet.’