Kinnevik to sell 4.2% stake in Zalando

Sweden’s Kinnevik AB is selling a 4.2% stake in online fashion retailer Zalando 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.