Kahoot shares rise 28% as General Atlantic buys Softbank's stake (updated)

Kahoot ASA

16/09/2022 08:10

(Adds share price)
    OSLO, Sept 16 (Reuters) - Softbank  9434.T  said on Friday
it had agreed to sell its 15% stake in Norwegian e-learning
group Kahoot  KAHOT.OL  to U.S. private equity group General
Atlantic FT BV.
    Kahoot's share price surged 28% in early trade.
    General Atlantic in a separate statement confirmed the deal
to buy 73.5 million Kahoot shares, but did not disclose the
transaction price.
    Kahoot's share price had fallen by 63% year-to-date before
Friday's announcement, closing at 17.17 Norwegian crowns on
Thursday and valuing Softbank's 15% stake at 1.25 billion
Norwegian crowns ($122.28 million).
    The transaction will be completed in two tranches, with the
first 9% being sold on or about Sept. 26 and the remaining 6.02%
in the fourth quarter, "once applicable regulatory approval has
been obtained by the purchaser", Softbank said.
    J.P. Morgan served as financial advisor to General Atlantic.

($1 = 10.2227 Norwegian crowns)

 (Reporting by Terje Solsvik, editing by Stine Jacobsen)
 ((terje.solsvik@thomsonreuters.com; +47 918 666 70; Reuters
Messaging: terje.solsvik.thomsonreuters.com@reuters.net))