Kinnevik agrees to divest shares in Qliro Group
Kinnevik AB (publ) (“Kinnevik”) today announced that it has agreed to divest 36,021,945 shares in Qliro Group AB (“Qliro Group”) to Rite Ventures, corresponding to 23.2 percent of the shares in Qliro Group.
As partial payment for the sold Qliro Group shares, Kinnevik will receive up to 47,439 shares in MatHem i Sverige AB (“MatHem”), corresponding to 0.5 percent of the total number of shares in MatHem. The balance will be paid through a promissory note from Rite Ventures, which under some circumstances provides for a purchase price adjustment. The total consideration that Kinnevik expects to record in its financial statements immediately after closing of the transaction corresponds to SEK 195m. After the transaction, Rite Ventures will hold 29.9 percent of the shares in Qliro Group.
In connection with the transaction, other MatHem shareholders may also sell a portion of their MatHem shares to Kinnevik in exchange for Qliro Group shares. If a sufficient number of MatHem shareholders exchange their shares, Kinnevik may come to divest its remaining stake of approximately 4 percent in Qliro Group through such exchange.
Final completion of the transaction is subject to approval from the Swedish Financial Supervisory Authority, and closing is expected to take place in the third quarter of 2020.
For further information, visit www.kinnevik.com or contact:
Torun Litzén, Director Investor Relations
Phone +46 (0)70 762 00 50
Kinnevik is an industry focused investment company with an entrepreneurial spirit. Our purpose is to make people’s lives better by providing more and better choice. In partnership with talented founders and management teams we build challenger businesses that use disruptive technology to address material, everyday consumer needs. As active owners, we believe in delivering both shareholder and social value by building long-term sustainable businesses that contribute positively to society. We invest in Europe, with a focus on the Nordics, the US, and selectively in other markets. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.