Investment AB Kinnevik divests shareholdings in BillerudKorsnäs

|
|

Investment AB Kinnevik has sold 51.8 million shares in BillerudKorsnäs, mostly to Swedish institutions. Frapag Beteiligungsholding AG is now the largest shareholder in BillerudKorsnäs with 15.5% of the votes.

Stockholm-based Investment AB Kinnevik has sold 51.8 million shares (25.1%) in BillerudKorsnäs for a total consideration of SEK3.7bn (€415m). The price per share was SEK72 (€8.07). The majority of the shares were acquired by AMF, the Fourth Swedish National Pension Fund's (AP4) and Alecta. The remaining shares were sold to a small number of financial institutions, mainly four large Swedish equity funds.

As a result of the transaction, Vienna-based Frapag Beteiligungsholding AG is now the largest shareholder in BillerudKorsnäs with 15.5% of the votes.

Kinnevik commented that the integration of Korsnäs and Billerud has been successfully implemented, creating larger synergies than initially expected. With Kinnevik's increasing focus on digital services in telecom & financial services, online and media, the sale of BillerudKorsnäs was a further step in developing this strategy. Investment AB Kinnevik holds equity in companies like Zalando, cdongroup, Tele2, home24 and the media group Metro.

- Ad -

Article topics
Article categories
- Ad -