Permira sells into strength at remote connectivity play TeamViewer

BERLIN (Reuters) - Private equity investor Permira took advantage of strength in the shares of TeamViewer, in part driven by an increase in working at home due to the coronavirus epidemic, to sell an 11% stake worth 700 million euros ($781 million).

The sale of 22 million shares to institutional investors on Tuesday evening was priced at 32 euros apiece - a discount to the market close but a handy premium to the price of 26.50 euros at which the company floated in Frankfurt last September.

TeamViewer markets itself as a system-agnostic way to connect “anyone, anything, anywhere, anytime”. CEO Oliver Steil said last month that the company was seeing increased demand in China from people working at home.

As the ‘flu-like coronavirus spreads to dozens of countries, companies are increasingly cracking down on non-essential travel, leading many to hold management meetings or sales pitches via video conferencing.

Permira retains a 51.5% stake and has set a 90-day lock-up period during which it will not sell any more shares. TeamViewer’s shares traded 4% lower in Frankfurt at 33.47 euros.

Reporting by Douglas Busvine; Editing by Michelle Martin

Our Standards:The Thomson Reuters Trust Principles.

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