Kinnevik AB, said it has a significant stake in acquired Com Hem. Kinnevik is the tech investor with major stake in Konga and other telecom companies in Africa.
The company said in a statement that it acquired 18.5% in Com Hem which is 33.9 million shares from NorCell S.à r.l.
Kinnevik disclosed that the indirect investment holding company of funds advised by BC Partners LLP, for a cash consideration of SEK 110 per share, or SEK 3.7 billion in total.
Com Hem offers broadband, TV, play and telephony services to Swedish households and companies. With its powerful and future-proofed broadband network covering half of the country’s households, Com Hem is an important driver of creating a digital Sweden. Com Hem’s shares are listed on Nasdaq Stockholm under the ticker code COMH.
Kinnevik’s acting CEO, Joakim Andersson, commented:
“Com Hem has a strong market position in the Swedish broadband and TV market, and offers attractive growth and cash flow. The acquisition enables Kinnevik to take a leading position in an asset complementing our existing mobile and media companies.”
KInnevik said the closing of the transaction is expected to occur on 4 May. The acquisition will be fully financed by cash at hand and existing credit facilities and capital market programs.