Softbank said on Friday that it has decided to sell General Atlantic FT BV, a U.S. private equity firm, its 15% share in the Norwegian e-learning company Kahoot. Early trading saw a 28% increase in the share price of Kahoot.
In a different statement, General Atlantic acknowledged the agreement to purchase 73.5 million Kahoot shares, although it withheld the transaction price. Before Friday’s announcement, the share price of Kahoot had dropped by 63% year-to-date, ending at 17.17 Norwegian crowns on Thursday, valuing Softbank’s 15% ownership at 1.25 billion Norwegian crowns ($122.28 million).
After “the purchaser has secured appropriate regulatory permission,” the deal will be completed in two tranches, with the first 9% being sold on or around September 26 and the remaining 6.02% in the fourth quarter.