Kinnevik sells out of Rocket Internet for 20 euros per share

Reuters News
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Posted: Jun 08, 2017 2:59 AM

STOCKHOLM (Reuters) - Swedish investor Kinnevik said on Thursday it had sold its remaining 6.6 percent stake in German ecommerce company Rocket Internet at 20 euros ($22.50) per share to institutional investors.

Rocket's shares, which have recovered the ground they lost in February when Kinnevik sold half of its stake in the company, were seen down 2.8 percent in early trade in Frankfurt.

Acting CEO Joakim Andersson said that alongside Avito and Zalando, Rocket Internet had 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 Fashion Group, Home24 and Westwing," he said in a statement.

Kinnevik, which invested 155 million euros in Rocket Internet between 2009 and 2013, said gross proceeds from the placement of around 10.9 million shares would amount to 217 million euros.

It added it had received 510 million euros in cash and stock dividends in the years prior to Rocket's 2014 listing.

Kinnevik was one of the first investors in Rocket but clashed with the firm last year over the valuations of some of their joint investments.

The two companies have also increasingly become competitors as they seek out promising new start-ups to invest in.

(Reporting by Helena Soderpalm; editing by Niklas Pollard and Jason Neely)