June 15, 2020 / 4:59 PM / 18 days ago

Kinnevik to sell 4.2% stake in Zalando

FILE PHOTO: The logo of fashion retailer Zalando is pictured at the new headquarters in Berlin, Germany, April 10, 2019. REUTERS/Hannibal Hanschke

STOCKHOLM (Reuters) - Sweden’s Kinnevik AB (KINVb.ST) is selling a 4.2% stake in online fashion retailer Zalando (ZALG.DE) through an accelerated bookbuilding process, it said on Monday.

Kinnevik said it was selling 10.6 million existing shares, representing 4.2% of the German firm’s issued share capital, through the launch of an accelerated bookbuilding to institutional investors.

Kinnevik said the shares correspond to 16.2% of its holding in the firm. The investment company owns a 26% stake in Zalando, according to its website.

It said it was not planning to realise further cash from the Zalando investment.

Kinnevik said Credit Suisse Securities Limited and BofA Securities will be acting as joint bookrunners in the transaction.

Reporting by Helena Soderpalm; Editing by Jan Harvey

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