May 13, 2020 / 10:38 PM / 18 days ago

Permira sells TeamViewer shares worth at least $1.1 billion

MUNICH, May 13 (Reuters) - Private equity investor Permira on Wednesday offered around 25 million shares in German software company TeamViewer, one of the banks running the sale said.

The shares are being offered to institutional investors at a price of no less than 41 euros apiece, which would give Permira proceeds of at least 1.02 billion euros ($1.1 billion) and cut its stake in the company to 39% from 51.5%.

A day earlier, TeamViewer reported a 75% jump in first-quarter billings as people around the world used its remote connectivity services to work from home during the coronavirus pandemic.

Shares in the group have gained more than 70% since they started trading last year and Permira in March already sold an 11% stake worth 700 million euros to cash in on the good performance. ($1 = 0.9245 euro) (Reporting by Alexander Huebner in Munich Writing by Christoph Steitz Editing by Matthew Lewis)

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