Investment AB Kinnevik (publ) ("Kinnevik") today announced that Philippine Long Distance Telephone Company ("PLDT") (PSE: TEL) (NYSE: PHI) has acquired a 10% ownership interest in Rocket Internet AG ("Rocket Internet") through a EUR 333m directed share issue subscribed for in cash. The strategic investment values Rocket Internet on a post money basis at EUR 3.3bln (SEK 30.7bln). Post-closing, Kinnevik will own a 21.5% interest in Rocket Internet.
"We are delighted to welcome PLDT, the leading telecoms operator in the Philippines, as a new strategic partner and shareholder in Rocket Internet. This new partnership, centered on online and mobile payment solutions in emerging markets, highlights the global reach and strength of Rocket Internet's platform" says Lorenzo Grabau, CEO of Kinnevik.
If the value of Rocket Internet derived from the PLDT investment had been applied to Kinnevik's financial statements as per 30 June 2014, the book value of Kinnevik's shares in Rocket Internet would have been SEK 4.8bln higher than reported, equivalent to an increase in net asset value of SEK 17 per share.
As of 30 June 2014, the difference between the book value of the unlisted portfolio and the valuation derived from the latest transactions was SEK 5.5bln. Had the value implied by today's transaction been applied to the 30 June 2014 financial statements, this difference would have been lowered to SEK 2.5bln.
For further information, see the attached press release from Rocket Internet and PLDT.
The information is of such character, which Kinnevik shall disclose in accordance with the law on Trading with Financial Instruments (1991:980) and/or the Securities Market Act (2007:528). The information was distributed for disclosure at 8.00 a.m. on 7 August 2014.
For further information, visit www.kinnevik.se or contact:
|Lorenzo Grabau, CEO||+46 (0)8 562 000 00|
|Torun Litzén, Director Investor Relations||+46 (0)8 562 000 83|
|+46 (0)70 762 00 83|
Investment AB Kinnevik is a leading, long-term oriented, investment company based in Sweden. Kinnevik primarily invests in consumer centric businesses that provide innovative and value-added technology-enabled services. Our main areas of focus are the Communications, e-Commerce, Entertainment and Financial Services sectors. We own significant stakes in over 50 companies that operate in more than 80 countries across five continents, with a particular emphasis on growth markets. The Kinnevik Group employs more than 90 000 people around the world.
Kinnevik actively supports the companies in which it invests and plays an influential role on their respective Boards. Kinnevik was founded in 1936 by three Swedish families who continue to play a leadership role in the ownership of the Company and in the pursuit of its entrepreneurial ventures.
Kinnevik's shares are listed on Nasdaq OMX Stockholm's list for large cap companies under the ticker codes KINV A and KINV B.