Stockholm, Aug. 02, 2019 (GLOBE NEWSWIRE) --
One of Vostok New Ventures Ltd's ("Vostok New Ventures" or the "Company") principal holdings, Babylon Holdings Limited ("Babylon"), has today announced a new investment round in an amount of up to USD 500 mln to fund further product innovation and international expansion, particularly in the US.
Vostok New Ventures is participating in the round and is investing a total of USD 71 mln in Babylon including previously announced convertible debt investments of USD 16 mln. At first closing of a USD 400 mln commitment today, Vostok New Ventures will own 10.6% of Babylon on a fully diluted basis and if and when the round is filled to USD 500 mln, Vostok New Ventures will own 10.0% of Babylon on a fully diluted basis.
The full funding round values Babylon at USD 2 bn post-money and will result in a significant positive revaluation of Vostok New Ventures holding in Babylon. Vostok New Ventures Net Asset Value ("NAV") is expected to increase by approximately USD 107 mln or 18% compared with the last reported NAV as per March 31, 2019 as a result of the transaction.
Vostok New Ventures CEO, Per Brilioth, comments:
"This funding round will enable Babylon to accelerate its growth and cement the company's position as a true global leader in digital health. Considering the massive size of the market, I believe Babylon is only in the very beginning of its journey and that there is tremendous upside from this new mark over the next couple of years. We look forward to continuing to support Babylon and its team over the exciting years to come."
For further information please contact:
Björn von Sivers, Investor Relations: +46 (0)8-545 015 50
This information is information that Vostok New Ventures Ltd is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 01:00 CEST on August 2, 2019.
Vostok New Ventures Ltd is an investment company with the business concept of using experience, expertise and a widespread network to identify and invest in assets with considerable potential for value appreciation. The company has a special focus on online marketplaces and businesses with strong network effects. The Swedish Depository Receipts.
Attachment
- VNV_Babylon_pr_20190802_eng.pdf (https://ml-eu.globenewswire.com/Resource/Download/63d82319-8c95-4e33-9dfd-3d6928dd118d)
