Investment in Kolonial.no / ODA
Wikborg Rein has assisted Prosus NV with the combined investment and acquisition of a minority stake of in Kolonial.no AS, which recently announced its name change to ODA.
Kolonial.no AS / ODA is a market leading Norwegian online grocery retail business, with an expected turnover of NOK 2.5 billion this year. The company was valuated to NOK 7.5 billion on a fully diluted basis in connection with the transaction. The company is now aiming to expand globally, with Finland as its first international expansion opening later this year and Germany to follow in 2022.
Prosus is part of the Naspers Group, and is one the world's largest technology investors. Prosus invested in Kolonial alongside Softbank Vision Fund 2, a global Japanese technology fund. After closing of the transaction, the largest shareholders will be Prosus and Naspers, alongside the Swedish company Kinnevik Online AB and Rasmussengruppen AS.
The purchase price was approx. NOK 1 billion, partly by way of a cash contribution to the company and partly by way of acquisition of shares from existing shareholders.
The transaction was announced on 8 April 2021, and closed 20 April 2021.