By Dominic Chopping 
 

STOCKHOLM--Swedish investment firm Kinnevik AB said it now estimates the value of its investment in Cedar at more than 1.5 billion Swedish kronor ($175.2 million), compared with SEK572 million at the end of 2020.

U.S.-based Cedar provides a patient payment system for hospitals, health systems and medical groups. Kinnevik owns an 11% stake in Cedar.

Kinnevik said that in the past months Cedar has continued to perform strongly, achieving several all-time highs across its key performance indicators while the market outlook has strengthened materially.

"These developments, in combination with a recently agreed funding round in the company, which has only a minor dilutive effect for Kinnevik, provide reference points for a valuation of Kinnevik's investment in Cedar that would correspond to a value uplift well in excess of SEK1.5 billion or SEK5.5 per Kinnevik share," it said.

The reassessed fair value of Kinnevik's investment in Cedar will be finalized and reported in its interim report for the first quarter, set to be released on April 22.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

March 09, 2021 01:54 ET (06:54 GMT)