Kinnevik sells 7.2% stake in Tele2 for 6.1 billion SEK

Swedish investment company Kinnevik has sold a 7.2% stake in telecoms operator Tele2 TEL2b.ST for 6.1 billion Swedish crowns ($619.6 million), it said late on Monday.

Kinnevik said it had completed a placement of 50 million class B shares, which constitute 26.7% of the investment company’s holding in Tele2, to institutional investors.

“The transaction provides Kinnevik with additional financial strength at a time of market uncertainty, ensuring net cash runway through 2024 at our current pace of investment of around SEK 5bn per year,” Kinnevik said in a statement.

It added that it will hold 19.8% of Tele2’s issued share capital and 36.1% of the votes after the transaction. Nasdaq