SoftBank buys 9.7% in Norway’s educational games company Kahoot for $216m

REUTERS/Issei Kato

Japan’s SoftBank Group has taken a 9.7% stake in educational gaming company Kahoot by investing 1.98 billion Norwegian crowns ($216 million) in new equity, the Norwegian company said on Tuesday.

Kahoot‘s online platform of games-based learning and entertainment was growing fast before the coronavirus pandemic and has seen rapid expansion this year as schools and firms adopted online education tools.

Kahoot‘s share price jumped 17.8% in early trade, hitting a record 58.5 crowns on the news. The shares have risen 179% so far this year.

The new cash will help the company fund its expansion plans, which could include mergers or acquisitions, details of the transaction showed.

“SoftBank will strengthen (Kahoot‘s) shareholder base as an investor with deep expertise and experience owning and developing software companies,” the Oslo-listed firm said in a statement.

The new shares were sold to a unit of Softbank at 46 crowns each, a 7.3% discount to Monday’s closing price of 49.65 crowns. Brokers ABG Sundal Collier, Arctic Securities and Goldman Sachs International advised Kahoot on the deal.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.