- Prachi Singh |
Kinnevik, the Swedish investment company that invested total 155 million euros (173 million dollars) in Rocket Internet between 2009 and 2013, has now sold its entire shareholding for a gross aggregate of 426 million euros (477 million dollars). During the five years prior to the company's 2014 IPO, Kinnevik had received 510 million euros (571 million dollars) in cash and stock dividends.
Kinnevik's acting CEO, Joakim Andeon, said in a statement, "Alongside Avito and Zalando, Rocket Internet has been one of Kinnevik's most successful digital investments in recent years. We will continue to work closely with Rocket Internet in and around the companies where we remain partners and co-investors, including Global Style Group, Home24 and Westwing."
Kinnevik sells its stake in Rocket Internet
Kinnevik announced in a press release that it has completed the placement of approximately 10.9 million shares in Rocket Internet to institutional investors by way of an accelerated bookbuilding process at the placement price of 20 euros (22.4 dollars) per share. The placing shares constitute Kinnevik's entire remaining shareholding in the company.
The company said that Kinnevik's gross proceeds from the transaction will amount to 217million euros (243 million dollars). Kinnevik's investments and subsequent dividends and divestments correspond to an IRR of more than 90 percent, and six times Kinnevik's invested capital.