Investment AB Kinnevik (publ) ("Kinnevik") today announced that United Internet AG (United Internet") is acquiring a 10.7% ownership interest in Rocket Internet AG ("Rocket Internet").
United Internet's 10.7% interest in Rocket Internet will be acquired through the contribution of EUR 435m consisting of EUR 333m in cash and of United Internet's participation in the Global Founders Capital portfolio of venture capital investments valued at EUR 102m. As part of the United Internet transaction, Global Founders Fund (formerly European Founders Fund), the investment vehicle of Oliver Samwer and his brothers, will also contribute its ownership interest in Global Founders Capital valued at EUR 153m in exchange for shares in Rocket Internet.
The PLDT cash investment announced on August 7, 2014, valued Rocket Internet on a post money basis at EUR 3.3bn. As the EUR 588m of cash and assets contribution is made at a pre money valuation of EUR 3.7 billion, the above transaction implies a EUR 4.3 billion post money valuation for Rocket Internet.
Post-closing of the above described transactions, Kinnevik will own an 18.5% interest in Rocket Internet.
"Following the recent investment by PLDT, we are delighted to welcome United Internet, the leading European internet specialist, as a new strategic investor and shareholder in Rocket Internet. The United Internet transaction not only brings to Rocket Internet additional capital to support its long term growth ambitions but also a portfolio of attractive investments in complementary online verticals and geographies" says Lorenzo Grabau, CEO of Kinnevik.
For further information, see the attached press release from Rocket Internet and United Internet.
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 7.30 p.m. on 15 August 2014.
For further information, visit www.kinnevik.se or contact:
|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.