General Atlantic buys Softbank's stake in Norwegian e-learning group Kahoot

REUTERS/Issei Kato

Softbank said on Friday it had agreed to sell its 15% stake in Norwegian e-learning group Kahoot to US private equity group General Atlantic FT BV.

Kahoot‘s share price surged 28% in early trade. General Atlantic in a separate statement confirmed the deal to buy 73.5 million Kahoot shares, but did not disclose the transaction price.

Kahoot‘s share price had fallen by 63% year-to-date before Friday’s announcement, closing at 17.17 Norwegian crowns on Thursday and valuing Softbank’s 15% stake at 1.25 billion Norwegian crowns ($122.28 million).

The transaction will be completed in two tranches, with the first 9% being sold on or about Sept. 26 and the remaining 6.02% in the fourth quarter, “once applicable regulatory approval has been obtained by the purchaser”, Softbank said.

J.P. Morgan served as financial advisor to General Atlantic.

Reuters

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter

You have 3 free stories remaining for the month. Register to continue reading our content