SBS Broadcasting sold

[Soham]

AMSTERDAM (Reuters) - Buyout groups Permira and Kohlberg Kravis Roberts & Co. have agreed to buy SBS Broadcasting for 1.691 billion ($2.07 billion) in cash, the European television broadcaster said Monday.

SBS shareholders representing about 22 percent of its equity capital, including its largest shareholder, Liberty Global (down $0.20 to $48.20, Research), have agreed to vote in favor of the deal, it said.

The deal gives SBS Broadcasting -- which owns TV stations across the Nordic region, the Benelux countries and Eastern Europe -- an enterprise value of about 2.1 billion.

The broadcaster will be acquired by a firm jointly held by Permira and KKR, which will also assume about 170 million of SBS's liabilities.

Luxembourg-based SBS will be liquidated after the acquisition and the sale proceeds are expected to be distributed to shareholders in November. Shareholders will receive about 46 per fully diluted share.

SBS said in a statement that the deal has been unanimously approved by a special committee of its independent directors and by its management board.

An extraordinary shareholders meeting is expected to be held in October where SBS shareholders can vote on the acquisition.

Earlier this year, RTL, the Bertlesmann-owned broadcaster, and Talpa, the television channel set up by Big Brother tycoon John de Mol, were rumored to have held talks to buy SBS Broadcasting, although they came to nothing.

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