Shares in this article
FRANKFURT (Dow Jones) – The Swedish investor Kinnevik wants to part with its stake in the online fashion retailer Zalando. As Kinnevik AB announced, it wants to pass on the stake in the Berlin MDAX group to its own shareholders. Based on the closing price of Zalando on February 15, the transaction volume will amount to 55.1 billion Swedish kronor or the equivalent of 5.5 billion euros.
With this move, Kinnevik intends to better “balance” its portfolio and concentrate more on younger and mostly unlisted growth companies. The Swedes hold 54 million Zalando shares, which corresponds to about 21 percent of the share capital. The Zalando SE share went from trading on Tuesday at EUR 102.35, bringing the group to a market valuation of EUR 25.9 billion.
The shares are to be distributed in the second quarter of 2021. The general meeting of Kinnevik is brought forward to April 29th from May 10th. Shareholders, who represent 30 percent of Kinnevik’s share capital and 50 percent of the voting rights, have agreed to vote in favor of this move at the annual general meeting.
Contact the author: Unternehmer.email@example.com
DJG / mgo / cbr
(END) Dow Jones Newswires
February 17, 2021 01:35 ET (06:35 GMT)