Permira sells TeamViewer shares worth $1.1 billion

FILE PHOTO: Oliver Steil, Chief Executive Officer of software company TeamViewer AG, Joerg Rockenhaeuser of Permira and Stefan Gaiser, Chief Financial Officer of TeamViewer attend TeamViewer's initial public offering (IPO) at the Frankfurt Stock Exchange in Frankfurt, Germany, September 25, 2019. REUTERS/Ralph Orlowski

MUNICH (Reuters) - Private equity investor Permira lowered its stake in German software company TeamViewer by selling shares to institutional investors at 41 euros apiece, it said late on Wednesday, giving it proceeds of 1.03 billion euros ($1.1 billion).

With the placement of the 25 million shares, Permira [PERM.UL] cuts its stake in TeamViewer TMV.DE to 39% from 51.5%.

Its shares were down 5.9% in early trade on Thursday.

TeamViewer this week 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 performance.

Reporting by Alexander Huebner; writing by Christoph Steitz and Thomas Seythal; editing by Matthew Lewis and Maria Sheahan