FRANKFURT (Reuters) - Telegraaf Media Group (TMG) (AEX:TMG) has sold its stake in Germany's ProSiebenSat.1 (PSMGn.DE), becoming the latest shareholder to take advantage of the free-to-air broadcaster's recent share conversion.
ProSieben last month converted its non-voting preference shares into more liquid voting common shares, which makes it easier for investors to sell their stock.
The Dutch media company said on Friday it had placed 13.13 million shares in ProSieben, representing a 6 percent stake, for 30 euros per share. It raised net proceeds of about 391 million euros (329.2 million pounds).
Private equity firms KKR (NYS:KKR) and Permira (PERM.UL) on Thursday placed 11 percent of ProSieben, also at 30 euros per share.
"TMG has a clear ambition to be the Dutch media company of the future and TMG's holding in ProSiebenSat.1 as such is non-core," TMG finance chief Fred Arp said in a statement.
The company said the ProSieben stake had been valued at 230.8 million euros on its books.
Deutsche Bank (GER:DBK) acted as sole bookrunner for TMG's placement.
Shares in ProSieben were down 1.9 percent at 30.525 euros by 0821 GMT, while TMG shares were up 2.7 percent at 13.25 euros.
(Reporting by Christiaan Hetzner and Maria Sheahan; Editing by Christoph Steitz and David Holmes)