KKR & Co. has dropped out of the bidding process for a stake in the media rights business of the Bundesliga, Germany’s main football competition, people with knowledge of the matter said.
(Bloomberg) — KKR & Co. has dropped out of the bidding process for a stake in the media rights business of the Bundesliga, Germany’s main football competition, people with knowledge of the matter said.
The offer from the US private equity firm was deemed too low, according to the people, who asked not to be identified because the talks are private.
CVC Capital Partners, Blackstone Inc., EQT AB and Advent International are bidding for a 12.5% stake in a unit that will manage the domestic and international broadcasting rights of the top 36 professional football teams in the country, including Bayern Munich and Borussia Dortmund, Bloomberg News has previously reported. The investors were asked to bid for 20 to 30 years of rights.
The governing body of Germany’s professional football league, Deutsche Fussball Liga GmbH, last week said it will will cut down the number of suitors in the next stage.
Representatives for KKR and the DFL declined to comment.
DFL abandoned an earlier process to attract private equity investment after opposition from fans and teams. The earlier plan weighed selling as much as 20% of the media unit, then valued at about €18 billion ($19.6 billion).
KKR owns a major stake in German media group Axel Springer, which publishes the country’s biggest tabloid, Bild Zeitung, and streams highlights of football matches.
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