|Public (OMX: KINV B)|
|Founders||Hugo Stenbeck, Wilhelm Klingspor, Robert Von Horn|
|Cristina Stenbeck, Principal Owner
Tom Boardman, Chairman
Lorenzo Grabau, CEO
|Revenue||SEK 1.129 billion (2015)|
Kinnevik is an active and long-term owner and its investments are made primarily in technology-based services aimed at consumers.
Kinnevik holds significant stakes in about 30 companies operating across five continents in more than 80 countries, with a particular focus on growth markets. The largest holdings are Zalando, Millicom, Tele2, Rocket Internet, Global Fashion Group and MTG.
Kinnevik was founded as an investment company in 1936 by Robert von Horn, Wilhelm Klingspor and Hugo Stenbeck. The most important holdings when the company started were Mellersta Sveriges Lantbruks AB, Lidköpings Konfektyr Industri AB and Korsnäs Sågverks AB. The company grew quickly through share purchases and acquisitions of companies that included chocolate manufacturers Nordiska Suchard and Halmstads Järnverk.
The company’s aggressive acquisition strategy of Swedish industrial companies continued during Kinnevik’s first decades. The ownership structure of the investment company changed as Hugo Stenbeck gradually increased his holdings.
Kinnevik became a listed company and obtained additional capital in a new share issue in 1954. The first shares in Sandvikens Järnverk were purchased a few years after entering the stock market. Hugo Stenbeck replaced Wilhelm Klingspor as chairman of Kinnevik in the early 1960s. Shortly thereafter, Hugo Stenbeck’s oldest son, Hugo Stenbeck Jr, became managing director of the company.
The shareholding in Sandvik AB increased steadily during the late 1970s, while Kinnevik increased its position in Fagersta AB. A major holding in the insurance company Atlantica was acquired in 1978.
In the early 1980s, Comvik AB launched a new mobile telephony system and after a number of legal battles with state-owned Televerket, gained a favourable ruling by The Supreme Administrative Court. In 1985, a satellite system for television distribution was completed and during the late 1980s the battle intensified with the state-owned monopolies in telecommunications, television and radio. TV3 sent its premier broadcast from London on New Year’s Eve 1987. Comvik obtained authorisation to start a new mobile telephony network in 1989. Millicom International Cellular was formed the following year.
The first Kinnevik-run radio broadcasts began in 1991. During the same year, Kinnevik became the largest owner in newly established TV4 with a 20 percent shareholding. The free newspaper Metro International was launched in 1995 and the concept later spread rapidly throughout the world.
In 2001, the telecommunications operator Netcom changed its name to Tele2. Jan Hugo Stenbeck died on 19 August 2002 and was replaced by Edvard von Horn as chairman. Pehr G. Gyllenhammar became chairman in 2004 and was replaced three years later by Cristina Stenbeck.
Between 2005 and 2010, there was a major shift in the shareholdings in which ownership in Millicom increased and forestry shares decreased. Invik was sold to the Icelandic investment company Milestone.
At this time, the foundation was laid for investments in a number of internet businesses, particularly e-commerce companies. This profile was strengthened after 2010 with major investments in Rocket Internet, Zalando, Avito and Global Fashion Group, among others.
At year-end 2015, Kinnevik’s Net Asset Value amounted to SEK 83.5 billion. The largest holdings are (value corresponds to Kinnevik’s ownership in SEK billions):
|Company||Value in billions (SEK)|
|Global Fashion Group||4|
|Modern Times Group||3|
Per December 2015
|Company||Percent of capital||Percent of votes|
|von Horn family||0.9||3.3|
- In September 2014, two Kinnevik-backed companies, Rocket Internet and Zalando, made their Initial Public Offerings (IPOs) on the Frankfurt Stock Exchange.
- In April 2014, Kinnevik announced that it had picked former Goldman Sachs banker Lorenzo Grabau as its CEO following Mia Brunell departure from the position in January that year.
- In October 2015, Avito was sold to the South African media conglomerate Naspers.
- In February 2016, Kinnevik invested in London's Babylon Health alongside Hoxton Ventures and the founders of Google DeepMind.
- In March 2016, Cristina Stenbeck announced her intention to step down as chairman of Kinnevik and was replaced at the 2016 AGM by Tom Boardman. Cristina Stenbeck remains a board director of Kinnevik.
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