Private equity house Permira is continuing to take advantage of the rise in remote working caused by the coronavirus crisis through a €1.03bn selldown of its stake in TeamViewer.
The European buyout house has cut its stake in the company to 39% through the sale of 25 million shares, down from 51.5%.
Two months ago Permira sold 22 million shares in the business for about €700m, with the German company’s shares having rocketed since its IPO last September.
Its shares were trading about about €25.3 each when it completed its public listing, but had reached a high of €45.16 earlier this week.
TeamViewer said this week that its first quarter billings had risen 75% as workers around the globe turn to its services to connect remotely with colleagues, with stay at home orders in place in most countries due to Covid-19.
The company, which was founded in 2005, aims to provide secure remote support software, with a focus on the small and medium business market.
The company claims to offer an ‘easy-to-install-and-use solution’ encompassing remote access administration, multi-user web-conferencing, desktop and file sharing.
Permira first backed the business in 2014 in a €870m deal, and previously attempted to sell the business in 2017, before dropping the plans.
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