June 21, 2017 / 10:32 AM / a month ago

ProSiebenSat.1 buys gift experiences firm Jochen Schweizer

2 Min Read

FRANKFURT, June 21 (Reuters) - ProSiebenSat.1 said on Wednesday it had taken a majority stake in Jochen Schweizer GmbH, which operates a business for gift experiences such as balloon trips and bungee jumps, to combine with a similar business the German media firm already owns.

Jochen Schweizer sells vouchers for gift experiences, which also include underwater dining and parachute jumps.

The deal is based on a value for the whole of Jochen Schweizer of 108 million euros ($120 million), said ProSiebenSat.1, which will combine the business with its 100 percent stake in mydays, which operates in the same area.

ProSiebenSat.1 did not disclose the exact size of the majority stake.

The new entity will be called Jochen Schweizer mydays Holding GmbH and will be 90 percent owned by ProSiebenSat.1 and 10 percent by Jochen Schweizer.

The deal comes days after ProSiebenSat.1 announced the sale of its online travel business eTtraveli.

"ProSieben had widely flagged that part of the eTraveli proceeds would be used for M&A in the V&C (Ventures and Commerce) portfolio so this deal does not come as a surprise," said Liberum analyst Ian Whittaker in a client note, keeping his "Buy" recommendation on the stock.

$1 = 0.8975 euros Reporting by Harro ten Wolde; Editing by Tom Sims and Mark Potter

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