Kahoot shares rise 28% as General Atlantic buys Softbank’s stake

OSLO  -Softbank said on Friday it had agreed to sell its 15-percent stake in Norwegian e-learning group Kahoot to U.S. private equity group General Atlantic FT BV.

Kahoot’s share price surged 2 percent in early trade.

General Atlantic in a separate statement confirmed the deal to buy 73.5 million Kahoot shares, but did not disclose the transaction price.

Kahoot’s share price had fallen by 63 percent year-to-date before Friday’s announcement, closing at 17.17 Norwegian crowns on Thursday and valuing Softbank’s 15 percent stake at 1.25 billion Norwegian crowns ($122.28 million).

The transaction will be completed in two tranches, with the first 9 percent being sold on or about Sept. 26 and the remaining 6.02 percent in the fourth quarter, “once applicable regulatory approval has been obtained by the purchaser”, Softbank said.

J.P. Morgan served as financial advisor to General Atlantic.