Kinnevik divests part of Qliro Group to Rite Ventures

ecommerce

Investment company Kinnevik has agreed to sell 23.2 per cent of the shares in Nordic digital commerce group Qliro Group to Swedish VC fund Rite Ventures.

The deal is expected to close in the third quarter of 2020. As a partial payment for the sold Qliro Group shares, Kinnevik will receive up to 47,439 shares in MatHem, corresponding to 0.5 per cent of the total number of shares in the company.

The balance will be paid through a promissory note from Rite Ventures, which under some circumstances provides for a purchase price adjustment.

The total consideration that Kinnevik expects to record in its financial statements immediately after closing the transaction corresponds to SEK195 million. Following the deal, Rite Ventures will hold 29.9 per cent of the shares in Qliro Group.

Rite Ventures is a private venture capital fund that invests in Swedish and Finnish companies within IT-services, Software as a Service, and e-commerce. Rite is an active investor supporting companies from the growth stage to the point of mid-market.

In connection with the transaction, other MatHem shareholders may also sell a portion of their MatHem shares to Kinnevik in exchange for Qliro Group shares.

If a sufficient number of MatHem shareholders exchange their shares, Kinnevik may divest its remaining stake of close to 4 per cent in Qliro Group through such exchange, according to the Swedish industry focused investment company.