Kinnevik sells 7.2% stake in Tele2 for 6.1 billion SEK
24/05/2022 06:58
STOCKHOLM, May 24 (Reuters) - Swedish investment company
Kinnevik KINVb.ST has sold a 7.2% stake in telecoms operator
Tele2 TEL2b.ST for 6.1 billion Swedish crowns ($619.6
million), it said late on Monday.
Kinnevik said it had completed a placement of 50 million
class B shares, which constitute 26.7% of the investment
company's holding in Tele2, to institutional investors.
"The transaction provides Kinnevik with additional financial
strength at a time of market uncertainty, ensuring net cash
runway through 2024 at our current pace of investment of around
SEK 5bn per year," Kinnevik said in a statement.
It added that it will hold 19.8% of Tele2's issued share
capital and 36.1% of the votes after the transaction.
($1 = 9.8451 Swedish crowns)
(Reporting by Helena Soderpalm; Editing by Simon Johnson)
((helena.soderpalm@thomsonreuters.com; +46 8 700 10 15; Reuters
Messaging: helena.soderpalm.reuters.com@reuters.net))