Kinnevik earns $220mln from partial Rocket Internet stake sale

Kinnevik AB, the Swedish investment management firm, is selling 50% of its stake in Rocket Internet to several institutional investors via an accelerated bookbuild. The offering is priced at €19.25 per share, and if fully taken up, will earn Kinnevik €209 million (approximately $220 million) in gross proceeds.

In selling half of its stake in Rocket Internet, Kinnevik is giving up its standing as one of the internet investor’s largest outside shareholders. Kinnevik first backed Rocket Internet in 2010, since when, according to Bloomberg’s Gadfly column, the investment has generated an annualized internal rate of return of 91%. Following the transaction, Kinnevik will still hold 10.9 million shares in Rocket Internet, which is  approximately 6.6% of the company’s issued share capital.

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