SoftBank takes 9.7% stake in Norway's Kahoot, boosting share price (updated)

Kahoot ASA

13/10/2020 09:03

(Adds share price)
    OSLO, Oct 13 (Reuters) - Japan's SoftBank Group  9984.T  has
taken a 9.7% stake in educational gaming company Kahoot
 KAHOOT-ME.OL  by investing 1.98 billion Norwegian crowns ($216
million) in new equity, the Norwegian company said on Tuesday.
    Kahoot's online platform of games-based learning and
entertainment was growing fast before the coronavirus pandemic
and has seen rapid expansion this year as schools and firms
adopted online education tools.
    Kahoot's share price jumped 17.8% in early trade, hitting a
record 58.5 crowns on the news. The shares have risen 179% so
far this year.
    The new cash will help the company fund its expansion plans,
which could include mergers or acquisitions, details of the
transaction showed.
    "SoftBank will strengthen (Kahoot's) shareholder base as an
investor with deep expertise and experience owning and
developing software companies," the Oslo-listed firm said in a
statement.
    The new shares were sold to a unit of Softbank at 46 crowns
each, a 7.3% discount to Monday's closing price of 49.65 crowns.
    Brokers ABG Sundal Collier, Arctic Securities and Goldman
Sachs International advised Kahoot on the deal.

($1 = 9.1639 Norwegian crowns)

 (Reporting by Terje Solsvik; Editing by Susan Fenton and Louise
Heavens)
 ((terje.solsvik@thomsonreuters.com; +47 918 666 70))