Scandinavian media group Kinnevik has pulled out of the pan African pay-TV platform Gateway, selling its stake for $23.6 million (€17.36m), a return 1.8 times the amount invested in May 2007.
The exit is a result of the sale to Vodacom of GTV’s parent company Gateway Tele communications, which had provided the security for the equity loan on which Kinnevik was the lead investor.
Kinnevik continues to hold investment in Africa, including the GSM operator Millicom, and the Viasat1 TV channel launched last month in Ghana.
Gateway is currently reporting 120,000 subscribers.
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