Swedish institutions acquire Kinnevik’s ownership in BillerudKorsnäs
Investment AB Kinnevik (“Kinnevik”) today announced that a limited number of Swedish institutions have acquired all of Kinnevik’s 51.8 million shares in BillerudKorsnäs for a total consideration of SEK 3.7 billion (SEK 72 per share). The majority of the shares were acquired by AMF, the Fourth Swedish National Pension Fund’s (AP4) and Alecta. The remaining shares were acquired by a small number of financial institutions, mainly four larger Swedish equity funds.
The integration of Korsnäs and Billerud has been successfully implemented creating larger synergies than initially expected. With Kinnevik’s increasing focus on digital services in telecom & financial services, online and media, the sale of BillerudKorsnäs is a further step in developing our strategy.
Investment AB Kinnevik was founded in 1936 and thus embodies seventyfive years of entrepreneurship under the same group of principal owners. Kinnevik’s objective is to increase shareholder value, primarily through net asset value growth. The company’s holdings of growth companies are focused around the following business sectors; Telecom & Financial services, Online, Media and Industry and other investments. Kinnevik has a long history of investing in emerging markets which has resulted in a considerable exposure to consumer sectors in these markets. Kinnevik plays an active role on the Boards of its holdings.
BillerudKorsnäs is a world-leading manufacturer of strong primary fibre-based packaging material, working with over 1500 customers in over 100 countries.s and also the main owner of Latgran the latvian pellet producer with three plants up and running. With a yearly production of 400 000 ton Latgran is one of the leading pellet producers in Europe.