Kinnevik to sell 23.2% stake in Qliro to Rite Ventures

The transaction will bring Rite Ventures' total stake in Qliro to 29.9%, making it the largest shareholder in the company.

Additionally, other MatHem shareholders may also sell a portion of their shares to Kinnevik in exchange for Qliro shares. If this happens, Kinnevik will divest its remaining stake of about 4% in Qliro Group.

Kinnevik exits the business six years after initially acquiring a stake of 28.5% in it for SEK 241m.

The deal is subject to approval from the Swedish Financial Supervisory Authority, and the final close is due to take place in the third quarter of 2020.

Kinnevik will receive up to 47,439 shares in the Swedish online grocery retailer MatHem as partial payment for the deal. This will amount to a 0.5% stake, bringing the GP's total stake in MatHem to 36.5%. The rest will be paid via a promissory note from Rite Ventures.

Qliro is due to be split into three parts and the company's board announced earlier this year that the process would be postponed.  

Christoffer Häggblom, chairman of the board of Qliro and managing partner of Rite Ventures, said: "This transaction does not affect the previously communicated plan to dismantle Qliro Group."

Company
Established in 1999 and headquartered in Stockholm, Qliro is a Nordic e-commerce group dealing in consumer goods and related financial services. The company owns Nordic marketplace CDON, the online fashion brand Nelly.com, and Qliro AB, which offers financial services to merchants and consumers. In 2019, the company had sales of SEK 2.9bn.

People
Rite Ventures – Christoffer Häggblom (managing partner).  

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• PIPEs
• Nordics
• Consumer
• Kinnevik
• Sweden
• e-commerce