Kahoot : Mandatory notification of trade and disclosure of significant shareholding

January 18, 2021 at 02:01 am EST

Northzone VII L.P. ("Northzone") has on 18 January 2021 sold 12,000,000 shares
(the "Shares") in Kahoot! AS ("Kahoot!" or the "Company") at a price of NOK 110
per Share to the following: 

- 11,000,000 Shares were sold to a fund managed by SB Management Limited, a 100%
directly owned subsidiary of SoftBank Group Corp. ("SoftBank"). Following this
purchase, SoftBank owns a total of 71,000,000 shares in Kahoot!, increasing its
shareholding from 13.45% to 15.92% of the total number of outstanding shares in
the Company.
 
- 1,000,000 Shares were sold to Glitrafjord AS ("Glitrafjord"). Following this
purchase, Glitrafjord owns a total of 40,208,910 shares in Kahoot!, equivalent
to 9.01% of the total number of outstanding shares in the Company. Glitrafjord a
company wholly owned by the Kahoot! CEO Eilert Hanoa through AS
Real-Forvaltning. A person closely related to Eilert Hanoa owns 400,000 shares
in Kahoot!.

ABG Sundal Collier ASA and Goldman Sachs International have waived Northzone's
obligations under a lock-up agreement dated 1 December 2020 and expiring on 31
March 2021 to allow for Northzone's sale of the Shares to SoftBank and
Glitrafjord. SoftBank and Glitrafjord have agreed to assume Northzone's
obligations under the lock-up agreement with respect to the Shares acquired by
each of them.

Further, the Company has waived SoftBank's obligations under the stand-still
agreement between the Company and SoftBank dated 23 September 2020 relating to
the Shares, and effective from 13 October 2020, to allow for SoftBank's share
purchase from Northzone. 

Northzone is represented on the Board of Directors of Kahoot!. Following the
transaction, Northzone is no longer a shareholder in the Company.

ABG Sundal Collier ASA is financial adviser in connection with the transaction.