Is this the new model for private equity? With returns under pressure, new strategies, such as rolling up properties in the same industry to create powerful, multi-national groups, are finding favour. ProSiebenSat.1 Media’s €3.3bn acquisition of SBS Broadcasting demonstrates Kohlberg Kravis Roberts’ enthusiasm for this model: along with Permira, it controls both ProSieben and SBS. And it has a similar tactic in the less glamourous business of waste management.

There are some typical private equity features. The acquisition is debt-financed and the new group will have relatively high net debt of 4.8 times earnings before interest, tax, depreciation and amortisation – though comfortably below the stretched multiples on some transactions. In other ways, it is unusual. The company, which has a free float of stock, reports earnings quarterly, having ditched the veil of privacy once considered essential by private equity investors. With plans to expand further in eastern Europe and add properties within existing markets, KKR can hardly be accused of turning a quick buck.