Northzone has sold 12 million of its shares - or half of its ownership - in Kahoot, the Norwegian game-based learning platform, to SoftBank at a price of 79 Norwegian Krone apiece, netting the investment firm roughly €90 million at the current exchange rate.
The deal gives SoftBank a total of 60 million shares, or an equivalent 13.45% of the share capital of Kahoot, making it the company's largest shareholder. Kahoot had picked up $215 million from SoftBank in a private placement about two months ago.
Northzone was actually not supposed to be able to sell shares until the end of Q1 2021, but an exemption was granted to make the SoftBank deal, with the latter agreeing to assume Northzone’s obligations under the lock-up agreement with respect to the shares.
The investment firm still holds 12 million shares in Kahoot, representing 2.69% of its share capital.