Kafuto’s stock rises 28% after General Atlantic buys SoftBank stake

The SoftBank Corp logo is pictured at a press conference in Tokyo on February 4, 2021. REUTERS/Kim Kyung-Hoon/File Photo

OSLO (Reuters) – SoftBank (9434.T) said on Friday it had agreed to sell a 15% stake in Norwegian e-learning group Kahoot (KAHOT.OL) to U.S. private equity group General Atlantic FT BV. Announced.

Kahoot’s shares rose 28% before the start of trading.

In a separate statement, General Atlantic confirmed the deal to buy 73.5 million Kahoot shares, but did not disclose the transaction price.

Kahoot shares fell 63% year-to-date before Friday’s announcement, closing Thursday at NOK 17.17, valuing SoftBank’s 15% stake at NOK 1.25 billion ($122.28 million). .

According to SoftBank, the deal will be completed in two parts, with the first 9% sold around Sept. 26 and the remaining 6.02% in the fourth quarter.

JP Morgan acted as financial advisor to General Atlantic.

($1 = 10.2227 Norwegian Crowns)

Reporting by Terje Solsvik, Editing by Stine Jacobsen

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