STOCKHOLM (Reuters) – Softbank-owned SB Management has bought a 10.1% stake in Swedish cloud computing services provider Sinch, acquiring stakes from some major shareholders and participating in a directed share issue, Sinch said late on Monday.
Sinch said in a statement it had issued 3.2 million new shares at a subscription price of 1.050 crowns per share, a 6.6% discount to Monday’s closing price, raising about 3.3 billion Swedish crowns ($386 million) for the firm.
The company, which has a scalable platform for messaging, voice and video, said that a fund managed by Softbank subsidiary SB Management had subscribed 1,200,000 shares in the issue.
Sinch added that some larger shareholders, including several co-founders, had also sold 5,200,000 existing shares to SB Management at 900 crowns per share.
The Swedish firm’s stock has surged nearly 300% in 2020.
(Reporting by Johannes Hellstrom; editing by Niklas Pollard)