KKR has dropped out of the bidding process for a stake in the media rights business of Bundesliga, a German football competition, according to Bloomberg News.
The offer from KKR was deemed too low, Bloomberg reported. CVC Capital Partners, Blackstone Inc., EQT AB and Advent International are bidding for a 12.5 percent stake in a unit that will manage the domestic and international broadcasting rights of 36 professional football teams in the country, including Bayern Munich and Borussia Dortmund, Bloomberg previously reported. The investors were asked to bid for 20 to 30 years of rights. Deutsche Fussball Liga GmbH, the governing body of Germany’s professional football league, said it will cut down the number of suitors in the next stage, according to Bloomberg.