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KINNEVIK AB KINNEVIK ORD SHS (0RH1.IL)

IOB - IOB Delayed price. Currency in SEK
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323.50+3.05 (+0.95%)
At close: 4:23PM BST
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Previous close320.45
Open320.30
Bid316.90 x 0
Ask330.10 x 0
Day's range319.00 - 324.90
52-week range131.60 - 324.90
Volume20,888
Avg. volume52,867
Market capN/A
Beta (5Y monthly)N/A
PE ratio (TTM)N/A
EPS (TTM)N/A
Earnings dateN/A
Forward dividend & yieldN/A (N/A)
Ex-dividend dateN/A
1y target estN/A
  • Globe Newswire

    Kinnevik supports the proposed merger between Teladoc Health and Livongo, and will own 4.5 percent of the combined company plus receive USD 143 million in cash consideration

    Kinnevik AB (publ) (“Kinnevik”) today announced that it supports the proposed merger between Teladoc Health, Inc. (NYSE: TDOC) (“Teladoc Health”), the global leader in virtual care, and Livongo Health, Inc. (Nasdaq: LVGO) (“Livongo”), the leading Applied Health Signals company, creating the only consumer centered virtual care platform for a full spectrum of health needs. When the merger has been completed, Kinnevik will become an owner of a 4.5 percent stake in the combined company and receive USD 143m (SEK 1.3bn) in cash consideration. The merger consideration values Kinnevik’s stake in Livongo at approximately USD 2.0bn (SEK 17.6bn), up USD 183m (SEK 1.6bn) from the value of Kinnevik's stake in Livongo at 4 August 2020 close.As announced today by Teladoc Health and Livongo, the companies have entered into an agreement to merge. Under the terms of the agreement, supported by the Boards of Directors of both Teladoc Health and Livongo, each share of Livongo will be exchanged for 0.592 Teladoc Health shares and USD 11.33 in cash, in total representing a value of USD 158.98 per Livongo share, based on the closing price of Teladoc Health on 4 August 2020. The value ascribed to Livongo in the merger represents a premium of approximately 56 percent to Livongo’ 30-day volume-weighted average price and a premium of 10 percent to the closing price of Livongo on 4 August 2020.The transaction is expected to close by the end of Q4 2020, subject to regulatory approval, Teladoc Health and Livongo shareholder approvals, and other customary closing conditions. Kinnevik is today the second largest shareholder in Livongo, holding 13 percent of outstanding shares corresponding to 11 percent on a fully diluted basis. When the merger has been completed, Kinnevik will receive USD 143m (SEK 1.3bn) in cash and approximately 7.5 million shares in the combined company, corresponding to a 4.5 percent economic stake on a fully diluted basis. The merger consideration values Kinnevik’s stake in Livongo at approximately USD 2.0bn (SEK 17.6bn) in total, based on the closing price of Teladoc Health on 4 August 2020. Kinnevik supports the proposed merger, and has undertaken to vote in favor of the merger at an upcoming general meeting of Livongo shareholders, and to retain the main portion of its stake in Livongo until completion of the merger, subject to disposals according to customary conditions.The combination joins two highly complementary companies to create an unmatched, comprehensive platform for virtual healthcare delivery. By bringing together leaders in virtual health and chronic condition management, the merger combines: * Comprehensive clinical expertise with a rich technology and data-driven experience * Prevention and chronic condition management with acute and specialty care * Behavior change expertise with data science * Global footprint with products meeting a global need * Access with innovation * Two of the fastest growing companies in health technologyThe combined company will have expected 2020 pro forma revenue of approximately USD 1.3bn, representing year-over-year pro forma growth of 85 percent, and pro forma adjusted EBITDA of over USD 120m. The combined company is positioned to execute quantified opportunities to drive revenue synergies of USD 100m by the end of the second year follow completion, reaching USD 500m on a run rate basis by 2025. These opportunities include increased cross-selling and penetration into each company’s client base, accelerating Livongo’s international expansion through Teladoc Health’s existing footprint, improving member retention rates and driving more efficient enrollment.Almost five years ago, Kinnevik put in place a strategy to apply its learnings from consumer-centric and technology-enabled transformation of other sectors to healthcare. We sought to leverage technology, data science and clinical innovation to yield better, more accessible and lower cost care. Livongo was our second investment as part of this strategy, with the vision to create a whole person platform to empower people with chronic conditions to live better and healthier lives. Today, Kinnevik’s portfolio of digital health companies also includes Babylon, Cedar, Cityblock and VillageMD. The proposed transaction is a testament to the value of Livongo’s platform and validates Kinnevik’s healthcare investment strategy. In total, Kinnevik has invested SEK 3.5bn into its digital healthcare businesses, generating an exceptional 6.6x return on our total investment and an unrealized internal rate of return of over 150 percent, including the value of the proposed merger consideration.Kinnevik’s CEO Georgi Ganev commented: “Since our first investment in Livongo in 2017, Glen Tullman and his team have consistently impressed us with their vision and execution building a global leader in chronic care management. We were proud to support and invest in the IPO last year, and since then Livongo’s success has accelerated as the relevance of its customer proposition has become ever stronger, fueling exceptional growth and profitability. With the proposed merger, Kinnevik recoups almost our entire invested capital in Livongo in cash, and becomes a significant shareholder in the only consumer centered virtual care platform for a full spectrum of health needs. We therefore benefit from continued long-term upside as the combined company is positioned to serve an even larger addressable market with a truly unparallelled offering.”For further information about the details and preliminary timetable of the merger and the combined company, please refer to the press releases issued by Teladoc Health at www.teladochealth.com and Livongo at www.livongo.com, as well as the joint transaction website at www.teladochealthlivongo.transactionannouncement.com.This information is information that Kinnevik AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 12.10 CET on 5 August 2020.For further information, visit www.kinnevik.com or contact:Torun Litzén, Director Investor Relations Phone +46 (0)70 762 00 50 Email press@kinnevik.comKinnevik is an industry focused investment company with an entrepreneurial spirit. Our purpose is to make people’s lives better by providing more and better choice. In partnership with talented founders and management teams we build challenger businesses that use disruptive technology to address material, everyday consumer needs. As active owners, we believe in delivering both shareholder and social value by building long-term sustainable businesses that contribute positively to society. We invest in Europe, with a focus on the Nordics, the US, and selectively in other markets. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B. Attachment * Press release

  • Globe Newswire

    Notice to attend the Extraordinary General Meeting of Kinnevik to approve an extraordinary cash value transfer of SEK 7.00 per share

    The shareholders of Kinnevik AB (publ) (”Kinnevik”) are hereby invited to an Extraordinary General Meeting on Wednesday 19 August 2020 at 10:00 CEST at Convendum, Regeringsgatan 30 in Stockholm. Registration for the Extraordinary General Meeting will commence at 9:30 CEST. The Extraordinary General Meeting will be held to resolve on the Board’s proposal regarding an extraordinary cash value transfer of SEK 7.00 per share to holders of ordinary shares (i.e. holders of Class A shares and Class B shares) in Kinnevik which is expected to be paid out to shareholders around 17 September 2020. The Board’s proposal is a result of Kinnevik's divestment of 11.25 million shares in Zalando, as announced by Kinnevik on 15 June 2020. The extraordinary cash value transfer is proposed to be made through a share redemption plan.Each ordinary share in Kinnevik (irrespective of share class) will entitle to one (1) redemption share, and each redemption share will entitle to a redemption amount of SEK 7.00 per share. The Board shall be authorised to set the record dates for the right to receive redemption shares and for the right to receive the redemption amount. The estimated record date for the right to receive redemption shares is 26 August 2020. Based on the estimated record date, the redemption shares will be traded on Nasdaq Stockholm from and including 27 August 2020 to and including 10 September 2020, and will thereafter automatically be redeemed by Kinnevik. The redemption amount is estimated to be paid out to holders of redemption shares as of 14 September 2020, and will be distributed to the yield account linked to shareholders' securities accounts, nominee accounts or equivalent around 17 September 2020.The notice, including the Board’s complete proposals and documentation for the Extraordinary General Meeting, is attached to this press release. The notice is also available on Kinnevik’s website at www.kinnevik.com under the heading “General Meetings” (which can be found under the section “Governance”), where also an information brochure regarding the share redemption plan will be made available no later than 5 August 2020.ParticipationShareholders who wish to participate in the Extraordinary General Meeting shall be recorded in the share register maintained by Euroclear Sweden on Thursday 13 August 2020, and give notice to attend no later than Thursday 13 August 2020.Notice to attend can be made on Kinnevik’s website www.kinnevik.com under the heading ”General Meetings” (which can be found under the section ”Governance”), by telephone to +46 (0) 8 402 91 36 or by post by sending a letter to Kinnevik AB, ”EGM”, c/o Euroclear Sweden AB, P.O. Box 191, SE-101 23 Stockholm, Sweden. Shareholders shall in their notice to attend state their name, personal identification number or company registration number, address, phone number and advisors, if applicable.In light of the outbreak of the corona virus that causes COVID-19 and for the safety of all shareholders, Kinnevik has decided that shareholders before the Extraordinary General Meeting should be able to exercise their voting rights by post. The form for postal voting and a link to digital postal voting can be found on Kinnevik’s website at www.kinnevik.com under the heading ”General Meetings” (which can be found under the section ”Governance”).Kinnevik strongly encourages shareholders to vote by post in order to minimise the number of participants present in person at the Extraordinary General Meeting, thereby helping to reduce the spread of infection.Proposed agenda                                                                                                                                                                     The Board has prepared the following proposed agenda for the Extraordinary General Meeting: 1. Opening of the Extraordinary General Meeting. 2. Election of Chairman at the Extraordinary General Meeting. 3. Preparation and approval of the voting list. 4. Approval of the agenda. 5. Election of one or two persons to check and verify the minutes. 6. Determination of whether the Extraordinary General Meeting has been duly convened. 7. Resolution regarding an extraordinary cash value transfer through a share redemption plan comprising the following resolutions: 1. amendments to the Articles of Association in order to facilitate the share split 2:1, 2. share split 2:1, 3. amendments to the Articles of Association in order to facilitate the reduction of the share capital through redemption of shares, 4. reduction of the share capital through redemption of shares, and 5. increase of the share capital through a bonus issue without issuance of new shares. 8. Closing of the Extraordinary General Meeting.Special arrangements in view of the outbreak of the corona virus that causes COVID-19The continued spread of the corona virus that causes COVID-19 remains difficult to assess with any certainty. At the time of the issuance of this notice, public gatherings of more than 50 participants are restricted. Kinnevik is mindful of the health of our shareholders and will comply with any applicable restrictions. As a further precautionary measure, Kinnevik has decided to implement special arrangements at the Extraordinary General Meeting. Such arrangements include, among other things, that Kinnevik’s Board members and Chief Executive Officer will participate in the Extraordinary General Meeting via telephone, no presentations will be held, and no food or beverages will be served.Kinnevik is closely monitoring the impact of the outbreak of the corona virus that causes COVID-19, and in case of updated government instructions or recommendations from relevant authorities, Kinnevik may decide on additional precautionary measures in connection with the Extraordinary General Meeting. If there is a risk that the number of people present at the Extraordinary General Meeting will exceed the restrictions and limitations for gatherings applicable at the time, Kinnevik may decide to postpone the Extraordinary General Meeting until a later date.  Further information and updates on the special arrangements, if any, will be made available on Kinnevik’s website at www.kinnevik.com under the heading ”General Meetings” (which can be found under the section ”Governance”).For further information, visit www.kinnevik.com or contact:Torun Litzén, Director Investor Relations Phone +46 (0)70 762 00 50 Email press@kinnevik.comKinnevik is an industry focused investment company with an entrepreneurial spirit. Our purpose is to make people’s lives better by providing more and better choice. In partnership with talented founders and management teams we build challenger businesses that use disruptive technology to address material, everyday consumer needs. As active owners, we believe in delivering both shareholder and social value by building long-term sustainable businesses that contribute positively to society. We invest in Europe, with a focus on the Nordics, the US, and selectively in other markets. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.Attachment * Notice to attend the Extraordinary General Meeting of Kinnevik

  • Globe Newswire

    Kinnevik: Interim Report 1 January - 30 June 2020

    ”With a large part of the world in lockdown, the shift to digital has taken a giant leap forward. I am proud to note that, in the midst of the uncertainty and suffering created by the Covid-19 pandemic, our digitally-enabled companies are responding to the challenge and providing vital services to consumers, validating our strategy”Georgi Ganev, CEO of KinnevikKey Strategic Highlights * Completed a sell-down of a 4.4% stake in Zalando, generating net proceeds of SEK 6.7bn and providing us with increased financial flexibility to execute on our strategy * The Board of Directors proposed an extraordinary cash distribution of SEK 7 per share, or SEK 1.9bn in total. The distribution follows the sell-down in Zalando and is subject to approval by an EGM to be held on 19 August 2020 * Continued to build our healthcare portfolio with a new investment into Cityblock, and follow-on investments in Cedar and VillageMD, which together with material value uplifts have brought our healthcare businesses' share of our portfolio value to 17%, compared to 3% a year ago * Established climate targets in line with the Paris Agreement to significantly reduce greenhouse gas emissions from Kinnevik’s own operations and from our businesses * Continued negative impacts from Covid-19 in our travel and emerging market businessesInvestment Management Activities * We remain focused on re-allocating capital dynamically to ensure our portfolio remains balanced and vibrant. In the quarter, we invested SEK 400m in total, including: * SEK 235m in Cityblock, a value-based care provider focused on complex, underserved urban populations * SEK 74m in Cedar’s funding round * SEK 28m in secondary shares in VillageMD * Total divestments of SEK 6.9bn in the quarter, of which: * SEK 6.7bn from the Zalando sell-down * SEK 198m from the sale of a 23% stake in Qliro GroupFinancial Position * NAV of SEK 89.6bn (SEK 323 per share), up SEK 24.7bn or 38% in the quarter * Net cash position of SEK 5.5bn, corresponding to 6.6% of portfolio value by quarter-end, and amounting to SEK 3.6bn adjusted for our upcoming SEK 1.9bn extraordinary cash distribution to shareholdersEvents After the Quarter * On 8 July, Kinnevik invested USD 25m in VillageMD's funding round led by Walgreens Boots Alliance * During early July, Kinnevik fully exited its 12% shareholding in Home24, generating net proceeds of EUR 21m A conference call will be held today at 10.00 CET to present the results. The presentation will be held in English and also be made available via audiocast on Kinnevik’s website, www.kinnevik.com.Link to the audiocast: https://edge.media-server.com/mmc/p/k8gvscb6Those who wish to participate in the conference call are welcome to dial-in on the below numbers. To ensure that you are connected to the conference call, please dial in and register your attendance a few minutes before the conference call begins.Dial-in numbers: UK: +44 3333 000 804 SE: +46 8 566 426 51 US: +1 631 913 1422Confirmation code: 56505444This information is information that Kinnevik AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out below, at 08.00 CET on 13 July 2020.For further information, visit www.kinnevik.com or contact:Torun Litzén, Director Corporate CommunicationsPhone +46 (0)70 762 00 50 Email press@kinnevik.comKinnevik is an industry focused investment company with an entrepreneurial spirit. Our purpose is to make people’s lives better by providing more and better choice. In partnership with talented founders and management teams we build challenger businesses that use disruptive technology to address material, everyday consumer needs. As active owners, we believe in delivering both shareholder and social value by building long-term sustainable businesses that contribute positively to society. We invest in Europe, with a focus on the Nordics, the US, and selectively in other markets. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.Attachment * Interim Report 1 January - 30 June 2020

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