Kinnevik AB, one of the largest investors in Konga and Rocket Internet companies has exited Metro Sweden.
In an email statement, Kinnevik said divested Metro Sweden to AB Custos for a total consideration of SEK 50 million.
Commenting on the sale, Kinnevik’s acting CEO Joakim Andersson said:
“The sale of Metro Sweden is in line with Kinnevik’s strategy to focus our portfolio on our larger digital consumer brands. We have during a period of time evaluated strategic options for Metro Sweden and have now found a solution that we believe is good for all parties.”
Metro Sweden was founded in 1995 and is today Sweden’s largest printed newspaper. It is distributed it Sweden’s main cities Stockholm, Gothenburg and Malmo, with a daily readership of almost one million people.
Metro has also developed and invested in several digital businesses including metro.se, its digital news platform, Metromode, a fashion and lifestyle portal, Metrojobb.se, a leading jobs classified and Studentkortet, which offers exclusive discount deals to students.