Kinnevik Shares

Founded in 1936 by the Stenbeck, Klingspor, and von Horn families, Kinnevik AB is a Swedish investment firm known for its active and long-term ownership approach. Primarily focusing on digital consumer businesses, Kinnevik has a portfolio exceeding 35 companies across Europe and the United States. With a strategic focus on four key sectors—healthcare (including value-based and virtual care), software, marketplaces, and climate technology—Kinnevik's largest holding is Tele2. Georgi Ganev currently serves as the company's CEO, appointed in 2018.

Kinnevik, established in 1936 by Robert von Horn, Wilhelm Klingspor, and Hugo Stenbeck, initially focused on investments in companies like Mellersta Sveriges Lantbruks AB, Lidköpings Konfektyr Industri AB, and Korsnäs Sågverks AB. The company's aggressive acquisition strategy, targeting Swedish industrial firms, fueled its rapid growth, including notable acquisitions of chocolate manufacturers Nordiska Suchard and Halmstads Järnverk.

Hugo Stenbeck gradually consolidated his control over the company, leading to changes in its ownership structure. Kinnevik went public in 1954, securing additional capital through a share issue. A few years later, the company acquired its first shares in Sandvikens Järnverk.

In the early 1960s, Hugo Stenbeck succeeded Wilhelm Klingspor as Kinnevik's chairman, with his eldest son, Hugo Stenbeck Jr, taking on the role of managing director. The company experienced a period of transition following the deaths of Hugo Stenbeck Jr in 1976 and Hugo Stenbeck Sr in 1977. Jan Hugo Stenbeck, Hugo Stenbeck Sr's younger son, joined the management team.

During the late 1970s, Kinnevik steadily increased its shareholding in Sandvik AB, expanding its stake in Fagersta AB, and acquiring a significant holding in the insurance company Atlantica. In 1980, the company acquired several automotive firms, consolidating them under the name Svenska Motor AB, which included the import and sales of Toyota vehicles.

The early 1980s saw Comvik AB's launch of a new mobile telephony system. After legal challenges with the state-owned Televerket, Comvik secured a favorable ruling from the Supreme Administrative Court. The company completed a satellite system for television distribution in 1985 and engaged in intense competition with state-owned monopolies in telecommunications, television, and radio. TV3 premiered its broadcast from London on New Year's Eve 1987, and Comvik received authorization to start a new mobile telephony network in 1989. Millicom International Cellular was established the following year.

Kinnevik's foray into radio broadcasting began in 1991. That same year, the company became the largest shareholder in the newly established TV4, with a 20 percent stake. The free newspaper Metro International launched in 1995, and its concept spread rapidly around the world.

Tele2 was founded in 1993 and listed on the Stockholm stock exchange in 1996. In 1995, MTG, previously a business area within Kinnevik (Kinnevik TV & Media), was incorporated as a subsidiary. MTG was spun off to shareholders in 1997 and listed in Stockholm and New York.

Following the death of Jan Hugo Stenbeck in 2002, Edvard von Horn became chairman, succeeded by Pehr G. Gyllenhammar in 2004. Cristina Stenbeck took over as chairman in 2007. In March 2016, Cristina Stenbeck announced her intention to step down as chairman, being replaced by Tom Boardman at the 2016 AGM. Cristina Stenbeck remains a board director of Kinnevik.

From 2005 to 2010, Kinnevik's portfolio shifted significantly, with increased ownership in Millicom and decreased holdings in forestry companies. During this period, the company began investing in internet businesses, particularly e-commerce companies. This trend intensified after 2010, with substantial investments in companies like Rocket Internet, Zalando, Avito, and Global Fashion Group.

In 2013, Kinnevik sold its remaining shares in BillerudKorsnäs. Kinnevik-backed companies Zalando and Rocket Internet held their Initial Public Offerings (IPOs) on the Frankfurt Stock Exchange in 2014. Avito was sold to the South African media conglomerate Naspers in October 2015, and Kinnevik divested its remaining stake in Rocket Internet in 2017.

Georgi Ganev assumed the role of CEO at Kinnevik in January 2018, while James Anderson became Chairman of the company at the 2021 Annual General Meeting.

Kinnevik voiced its support for the merger of Tele2 and Com Hem in 2018. That same year, they also distributed their shares in MTG among their shareholders. Additionally, Kinnevik expanded its investments in 2018, bolstering its holdings in Livongo and making new investments in Kolonial.no, Karma, BudBee, Pleo, Deposit Solutions, Cedar, and Monese.

In 2019, Kinnevik distributed its remaining Millicom shares to shareholders.

Seeking to realign its portfolio towards "younger, disruptive, and technology-enabled" growth and venture capital businesses, Kinnevik distributed its Zalando shares to its shareholders in 2021.

Kinnevik divested its remaining shares in Teladoc in 2023.

As of March 31, 2023, Kinnevik's Net Asset Value reached SEK 55.5 billion. The company's largest investments, in terms of value based on Kinnevik's ownership stake, are:

• Tele2: SEK 14 billion
• VillageMD: SEK 5 billion
• Pleo: SEK 3 billion
• Cityblock: SEK 3 billion

As of May 5, 2023, the following shareholders held the indicated percentages of capital and voting rights: