Kinnevik Faces Uncharted Territory After Turbulent Week
- Failed sale of carrier Millicom follows Stenbeck stepping back
- Kinnevik is worth less than value of its listed holdings
The Stenbeck family has spent decades enlarging the influence and wealth of one of Sweden’s preeminent corporate dynasties by aggressively shaking up sectors from telecom to retail. But with the surprise departure of the clan’s scion and a crucial deal collapsing in the space of a few days, its investment company is finding itself on the defensive.
Cristina Stenbeck, 41, announced her departure from the board of Kinnevik AB on Jan. 18. Four days later, a $7.6 billion plan to sell Millicom International Cellular SA, one of Kinnevik’s biggest holdings, imploded. When Stenbeck leaves in May, the board will lack representation from the family that helped forge the company almost a century ago. The decision by cable billionaire John Malone’s Liberty Latin America Ltd. to walk away from talks with Millicom denied Kinnevik a major financial windfall.