7. August 2014–
For a price of €333 million, Philippine Long Distance Telephone Company (PLDT) acquired 10 percent of the Berlin company builder Rocket Internet. Looking at the numbers, this results in a company valuation of €3.33 billion. It is an open secret that the Samwer incubator is aiming for a significantly higher market valuation – especially since significantly more than €3 billion has flowed from investors into the incubator and its portfolio companies already.
As the company stressed, the recent transaction is a strategic investment. PLDT considers itself a leading platform in mobile payment: A volume of €4.3 billion in mobile payments went through the vendors’ systems last year. It also partners with MasterCard, Visa, and Citibank among others.
Taking into account that Rocket has recently turned its attention to Fintech businesses such as Zencap and Lendico, it is clear that there will be synergies emerging from both parties. For the broad e-commerce activities of Rocket’s worldwide Amazon and Zalando clones as well as its taxi, bus, domestic helpers platforms, PLDT services would also provide a financial backbone – especially in growth regions where cashless payment methods are hard to find.
As a result of the transaction, the shares of the Samwer brothers through the Global Founders GmbH have decreased by 6.5 percent. The other investors including Investment AB Kinnevik and Access Industries have given up 10 percent of their original packages. Now the investor shares are distributed as follows:
Global Founders (the former European Founders Fund, EFF): 58.7 percent (formerly 65.2 percent)
Investment AB Kinnevik: 21.5 percent (formerly 23.9 percent)
Access Industries: 9.8 percent (formerly 10.9 percent)
Philippine Long Distance Telephone Company: 10 percent
Image credit: Rocket Internet
Translated by: Elena Rueckert