The Folksam Group invests a further SEK 750 million in Volvo Cars
The Folksam Group has acquired further preferred stock in Volvo Cars to a nominal value of SEK 750 million. This acquisition took place in conjunction with Första AP-fonden’s (AP1) sale of their holdings. With this further acquisition, the Folksam Group has now invested a total of SEK 1,750 million in preferred stock issued by Volvo Cars.
“This investment provides our savings customers with a good risk-adjusted return, while at the same time offering them the opportunity to increase their ownership in a company strongly associated with Swedish industry,” says Michael Kjeller, Head of Asset Management and Sustainability, Folksam Group.
“Volvo Cars is now profitable and has a clear growth plan and high ambitions with regard to issues such as electrification strategies and self-driving vehicles. We are therefore delighted to have the opportunity to increase our involvement with the company,” continues Michael Kjeller.
In the event of a public listing, the Folksam Group’s preferred stock will be converted to new common stock by the issuer. The Folksam Group’s investment is distributed as follows: Folksam Liv SEK 375 million, Folksam Sak SEK 75 million and KPA Pension SEK 300 million.
Lenner & Partners has advised the Folksam Group in conjunction with this transaction.
For further information, please contact:
Kajsa Moström, Head of Folksam Group Media Relations on +46 (0)708 31 64 07