Softbank mentioned on Friday it had agreed to promote its 15% stake in Norwegian e-learning group Kahoot to US personal fairness group Normal Atlantic FT BV.
Kahoot‘s share worth surged 28% in early commerce. Normal Atlantic in a separate assertion confirmed the deal to purchase 73.5 million Kahoot shares, however didn’t disclose the transaction worth.
Kahoot‘s share worth had fallen by 63% year-to-date earlier than 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 might be accomplished in two tranches, with the primary 9% being offered on or about Sept. 26 and the remaining 6.02% within the fourth quarter, “as soon as relevant regulatory approval has been obtained by the purchaser”, Softbank mentioned.
J.P. Morgan served as monetary advisor to Normal Atlantic.
Reuters