August 7, 2014 / 6:17 AM / 3 years ago

Philippine Long Distance Telephone Company buys 10 pct stake in Rocket Internet

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STOCKHOLM, Aug 7 (Reuters) - Philippine Long Distance Telephone Company (PLDT) has acquired a 10 percent stake in Rocket Internet for 333 million euros in cash, valuing the company at internet incubator at 3.3 billion euros, Swedish investment firm Kinnevik said on Thursday.

Kinnevik said it would own a 21.5 percent stake in Rocket Internet after the investment.

Sources have said Rocket Internet, which is bidding to create the largest internet empire outside the United States and China, is considering a stock market listing in Frankfurt later this year which could value it at up to 5 billion euros ($6.8 billion). (Reporting by Mia Shanley, editing by Helena Soderpalm)

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