Swedish investment firm and Tele2’s largest shareholder, Kinnevik has agreed to acquire 18.5% in Swedish cable TV firm Com Hem for SEK 3.7 billion ($USD420 million) in total.
Com Hem offers broadband, TV, play and telephony services to Swedish households and companies. Kinnevik said that the acquisition will be fully financed by cash at hand and existing credit facilities and capital market programs.
Kinnevik's acting CEO, Joakim Andersson, commented: "Com Hem has a strong market position in the Swedish broadband and TV market, and offers attractive growth and cash flow. The acquisition enables Kinnevik to take a leading position in an asset complementing our existing mobile and media companies."
Kinnevik is an industry focused investment company with an entrepreneurial spirit. Its purpose is to build the digital consumer businesses that provide more and better choice. The Company plans to do this by working in partnership with talented founders and management teams to create, invest in and lead fast growing businesses in developed and emerging markets.