United Internet’s investment consists of €333 million in cash and €102 million represented by United Internet’s equity participation in the portfolio of Global Founders Capital funds (“Global Founders Capital”).
Global Founders Fund and United Internet have been partners for seven years and have led joint investments in consumer Internet and technology businesses through Global Founders Capital. The latest deal brings the total funds raised and the Global Founders Capital portfolio to €588 million, implying a €4.3 billion post-transaction valuation for Rocket.
United Internet’s investment will be in newly issued shares by Rocket, of the same class and bearing the same rights as shares held by current Rocket investors and Ralph Dommermuth, founder and CEO of United Internet, will become a member of Rocket’s nine-person Supervisory Board.Dommermuth said,“We’ve partnered with Oliver Samwer for several years and jointly made a number of highly successful early stage investments in consumer internet and technology businesses in Germany and internationally. I have been very impressed by the quality and scale of Rocket and its network of companies and we are excited to support the further development of the group with additional growth capital. Our investment is strategic and long-term in nature and we look forward to working with the Rocket team and the other shareholders going forward.”
Following this investment, in addition to United Internet (10.7%), shares in Rocket will be held by Investment AB Kinnevik (18.5%), Access Industries (8.5%), Philippine Long Distance Telephone Company (8.6%) and the Global Founders Fund (53.7%).
United Internet runs internet services compnanies such as 1&1, GMX, WEB.DE, united-domains, Fasthosts, arsys, InterNetX, Sedo and affilinet and has over 6,700 employees.
Rocket Internet’s, MTN’s and Millcom’s Africa Internet Holding (AIH) runs Jumia, Lamudi, EasyTaxi, Kaymu, Hellofood, Lendo, Jovago among others in Africa.