Karolinska Development AB has sold its shares in Axelar AB to The Foundation for Baltic and East European Studies (Östersjöstiftelsen). The agreement is in keeping with Karolinska Development’s current strategy.
“Karolinska Development’s new strategy includes focusing on our strategic portfolio, an increased emphasis on leadership within our portfolio companies, proactively syndicating our investments with international co-investors and an investment strategy based on each portfolio company’s unique possibility to generate attractive returns. The divestment of Axelar enables a redistribution of resources to our core strategic portfolio, thereby building long term value for our shareholders,” says Jim Van heusden, CEO of Karolinska Development.
As part of the agreement, KDev Investments, a holding company jointly owned by Karolinska Development and Rosetta Capital Limited, will transfer its shareholding in Axelar to Östersjöstiftelsen for an undisclosed up-front payment and earn-out payments. The sale has a marginal positive impact on the last published equity of Karolinska Development.
Source: Karolinska Development AB