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Kinnevik takes 18.5% Com Hem stake

Investment company Kinnevik has agreed to acquire 33.9 million shares, corresponding to an approximate 18.5 per cent interest, in Swedish multi-play operator Com Hem Holding from NorCell S.à r.l., 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 (€385m) in total.

Com Hem’s shares are listed on Nasdaq Stockholm under the ticker code COMH.

“Com Hem has a strong market position in the Swedish broadband and TV market, and offers attractive growth and cash flow,” commented Kinnevik’s acting CEO, Joakim Andersson. “The acquisition enables Kinnevik to take a leading position in an asset complementing our existing mobile and media companies.”

Closing is expected to occur on May 4th. The acquisition will be fully financed by cash at hand and existing credit facilities and capital market programmes.

On April 25th, Com Hem reported a strong increase of Q1 revenue 37.7 per cent to SEK 1.757 billion while organic revenue rose by 3.5 per cent to SEK 1.321 billion. Digital-TV RGUs totalled 644,000, with a continued growth of 6,000 TiVo customers (penetration rate of 39 per cent).

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