Kinnevik sells 3.8% stake in Lazada for USD 57 million
(Thomson Reuters ONE) -
Investment AB Kinnevik (publ) ("Kinnevik") today announced that it has entered
into an agreement to sell a 3.8% stake in Lazada Group S.A. ("Lazada") for a
gross consideration of USD 57m to Alibaba Group Holding Limited ("Alibaba") as
part of a transaction.
Founded in 2012, Lazada is the one-stop eCommerce gateway for local and
international sellers and brands to the consumers in six distinct Southeast
Asian markets: Indonesia, Malaysia, the Philippines, Singapore, Thailand and
Vietnam.
Lazada and Alibaba entered into a transaction that includes Alibaba's investment
of USD 500m in Lazada. Alibaba will become Lazada's controlling shareholder
after the transaction. The transaction equates to an equity valuation of
USD 1.5bn for Lazada.
As part of the transaction, Kinnevik has agreed to sell a 3.8% stake, on a fully
diluted basis, in Lazada for USD 57m. The transaction implies a SEK 537m uplift
versus Kinnevik's recorded fair value as at 31 December 2015, and a SEK 555m
gain from Kinnevik's total investment of SEK 502m, both as at 11 April 2016.
Kinnevik's remaining stake after the transaction and taking into account
Alibaba's investment of new funds is 3.6%, fully diluted.
Shareholders, including Kinnevik, have also entered into a put-call arrangement
with Alibaba, giving the buyer the right to purchase, and the shareholders the
right to sell collectively, their remaining stakes at fair market value within
the 12 to 18 month period post closing of the transaction.
Lorenzo Grabau, CEO of Kinnevik and Chairman of Lazada, commented: "The
transaction is a recognition of the strong franchise that Lazada has built in
the past four years, and adding Alibaba as a major shareholder will further
strengthen the company's ability to execute its growth plans. Kinnevik is
delighted to welcome Alibaba as a partner in line with our strategic objective
to build strong digital consumer franchises together with the best partners."
Maximilian Bittner, CEO of Lazada, added, "we are very excited about joining
forces with Alibaba and see significant synergies that will drive great benefits
to our customers, sellers, brands and the broader eCommerce ecosystem in
Southeast Asia. The transaction will help us to accelerate our goal to provide
the 550 million consumers in the region access to the broadest and most unique
assortment range."
For further information, visit www.kinnevik.com or contact:
Torun Litzén, Director Investor Relations Phone +46 (0)8 562 000 83
Mobile +46 (0)70 762 00 83
Kinnevik is an entrepreneurial investment group focused on building digital
consumer businesses. We work in partnership with talented founders and managers
to create, invest in and lead fast growing digital businesses both in developed
and developing countries. Kinnevik was founded in 1936 by the Stenbeck,
Klingspor and von Horn families. Kinnevik's shares are listed on Nasdaq
Stockholm's list for large cap companies under the ticker codes KINV A and KINV
B.
Press release:
http://hugin.info/1114/R/2002666/739116.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Kinnevik via GlobeNewswire
[HUG#2002666]
Unternehmensinformation / Kurzprofil:
Datum: 12.04.2016 - 08:00 Uhr
Sprache: Deutsch
News-ID 463294
Anzahl Zeichen: 4168
contact information:
Town:
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Kategorie:
Business News
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