Milbank LLP has advised ProSiebenSat.1 Media SE on its agreement with General Atlantic entered into on 21 March 2025 regarding the acquisition of General Atlantic’s minority stakes in NuCom Group (excluding flaconi) and ParshipMeet Group. As a result of such strategic reorganization, General Atlantic will hold its 28.4% minority stake in online beauty retailer flaconi in the future directly, rather than – as previously – indirectly through NuCom Group.
The agreement marks a key step in ProSiebenSat.1’s efforts to streamline its portfolio and gain full strategic flexibility over the development of NuCom Group, flaconi, and ParshipMeet Group, including potential divestment decisions.
ProSiebenSat.1 is the home of popular entertainment and infotainment and a leading entertainment player in the German-speaking region. The company complements its core Entertainment business with digital consumer brands in the Commerce & Ventures and Dating & Video segments.
General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. General Atlantic combines a collaborative global approach, sector-specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with businesses and management teams to scale innovative businesses around the world.
Milbank advised ProSiebenSat.1 on all legal aspects of the transaction. The team was led by partners Norbert Rieger, Christoph Rothenfußer and Martin Erhardt (all Corporate/M&A), and also included partner Thomas Kleinheisterkamp (Tax), special counsel Michael Pujol and Sebastian Reiner-Pechtl (both Corporate), Nico Feuerstein (Corporate Finance & Securities), as well as associates Tim Prakash, Rabea Regh, Manuel Bogenreuther (all Corporate) and Jil Windau (Tax).
