United Internet invests 435 mln euros for stake in Rocket Internet

FRANKFURT Fri Aug 15, 2014 1:25pm EDT

FRANKFURT Aug 15 (Reuters) - Germany's United Internet AG said it was investing 435 million euros ($582 million) for a 10.7 percent stake in Rocket Internet AG to cement a strategic relationship with Rocket's chief executive and founder, Oliver Samwer.

"United Internet's investment consists of 333 million euros in cash and 102 million euros represented by United Internet's equity participation in the portfolio of the Global Founders Capital funds," United Internet said in a statement on Friday.

Global Founders Capital is a portfolio of over 50 venture capital investments held jointly by United Internet and by the personal investment vehicle of Oliver Samwer and his brothers, the company said.

(1 US dollar = 0.7470 euro) (Reporting by Jonathan Gould; editing by Jane Baird)