”With Kinnevik’s divestment of its entire stake in
Key Events
- We announced the divestment of our full shareholding in
Tele2 to iliad/NJJ for a total consideration ofSEK 13bn . The three-step transaction is progressing according to plan, and is expected to close sequentially in Q2 and Q3 2024, with the first step completed in Q1 - The Board intends to propose an extraordinary cash distribution of SEK 23 per share, or
SEK 6.4bn in total. This follows the Board’s capital structure review undertaken after agreeing on the divestment ofTele2 , is subject to completion of the second step of the transaction in Q2 2024, and will be proposed to the AGM to be held on3 June 2024 - In line with our commitment to double down on our highest conviction businesses, we led a
USD 110m funding round in Mews, the leading vertical software and payment solution for hotels. We also announced our participation in aUSD 58m funding round in Pelago, the pioneering substance use management platform, with aUSD 8m investment paid in Q4 2023. The round was led by Atomico Growth with participation from all other existing investors - The value of our unlisted portfolio was down 5 percent in the quarter, driven primarily by a significant write-down of
VillageMD , reflecting a goodwill impairment by controlling shareholder WBA. Without theVillageMD write-down, the unlisted portfolio was up 3 percent
Investment Management Activities
- We invested
SEK 510m in the quarter, of whichSEK 448m into our core growth companies:SEK 419m into Mews, leading their new funding roundSEK 29m into Pleo, through smaller secondary purchases
- We released
SEK 2.8bn fromTele2 , closing the first step of our SEK 13bn full divestment
Financial Position
- NAV of
SEK 47.9bn (SEK 170 per share), downSEK 0.2bn or 0.5 percent in the quarter, and downSEK 7.5bn or 14 percent compared to Q1 2023 - Net cash position of
SEK 10.3bn , or 13.9bn pro forma theTele2 divestment and the Board’s proposedSEK 6.4bn extraordinary cash distribution
A conference call will be held today at 10.00 CET to present the results.
Link to the webcast (listen only):
https://edge.media-server.com/mmc/p/mnt79duk
Those who wish to ask questions during the conference call are welcome to register via the below link. Participants will receive dial-in numbers and confirmation code upon registration. Please make sure to register and dial in a few minutes before the call begins.
Link to conference call (for participants):
https://register.vevent.com/register/BIcfe661c611034f5fbe9d59e8cfae1e69
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