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Private Equity
FINANCE | Asset/Financial Management
letterone.com

Investments

7

Portfolio Exits

3

Funds

2

Partners & Customers

3

About LetterOne

LetterOne is a private equity firm. It invests in the energy, telecoms and technology, health, and retail sectors. The company was founded in 2013 and is based in Luxembourg City, Luxembourg.

Headquarters Location

1 - 3 Boulevard de la Foire

Luxembourg City, 1528,

Luxembourg

+352 26 38 77 1

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Latest LetterOne News

BASF shareholders say Russia exit sets up oil and gas IPO

Jan 20, 2023

1/20/2023 (Reuters) - BASF investors said that oil and gas business Wintershall Dea's exit from Russia, though painful, clears the way for plans to take it public and for BASF to focus on its chemicals operations. BASF late Tuesday flagged a 7.3 B euro ($7.9 B) writedown on Wintershall Dea (WD), as the energy business, in which Russian billionaire Mikhail Fridman's investment firm LetterOne owns a 27% stake, pulls out of Russia. Portfolio manager Arne Rautenberg of mutual fund company Union Investment, among the 10 largest BASF shareholders, welcomed BASF drawing a line. "No-one in the market has ascribed any more value to the Russian activities," Rautenberg told Reuters, adding that the remainder of WD had been boosted by high oil and gas prices. "The way to an IPO, which has long been in the making, has now been paved," he added. It took the company much longer than other oil companies to face up to the loss of its Russian operations, with Wintershall Dea CEO Mario Mehren saying last year that the company could not just allow assets to fall into the hands of the Russian state. BASF had explored selling the assets to joint-venture partner LetterOne, a person familiar with the matter told Reuters in May, but LetterOne quickly ruled itself out as buyer. Oil majors like BP or TotalEnergies are flush with cash after Russia's attack on Ukraine inflated global energy prices, even after taking billions of dollars in impairments in their Russian operations. Markus Mayer, an analyst at brokerage Baader Helvea, estimates that BASF's stake in WD is worth between 6 and 8 billion euros. BASF said its IPO plans for WD, though ruled out for now given the war in Ukraine, would still be pursued over the longer term. "This step will facilitate an IPO of Wintershall Dea," said Cornelia Zimmermann, a corporate governance specialist at mutual fund group Deka Investment. "As painful as the write-downs are, they do create a better outlook for the further development of the group," she said, adding that BASF was avoiding further legal risk and reputational damage. That was reflected in the market reaction to the news, with the shares bouncing back from initial losses of as much as 2.2% on Wednesday to close the trading session 0.6% higher. BASF said last year that the oil and gas company's exposure in Russia was the reason for it to hold off on plans to take Wintershall Dea public. Before that, LetterOne had voiced opposition to the initial public offering, causing a public rift with its German partner a year ago. Before the Ukraine war, Russia had accounted for roughly half of WD's global oil and gas output. Its other regions for production and exploration are Northern Europe, North Africa, the Middle East and Latin America. The prospect of a stock market listing of WD was raised as early as 2018, when a joint venture was agreed to merge the oil and gas divisions of BASF and of Fridman's LetterOne. BASF has argued that the energy unit no longer serves its traditional purpose of offsetting cyclical swings in its core chemicals business, whose products include petrochemical building blocks, pesticides, vitamins, engineering plastic and battery materials. ($1 = 0.9270 euros)

LetterOne Investments

7 Investments

LetterOne has made 7 investments. Their latest investment was in H2Scan as part of their Growth Equity on February 2, 2022.

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LetterOne Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

2/22/2022

Growth Equity

H2Scan

$70M

Yes

12

11/8/2021

Corporate Minority - II

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$99M

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10

6/18/2020

Secondary Market

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$99M

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10

5/17/2019

PIPE

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10

4/19/2017

Series G

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$99M

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10

Date

2/22/2022

11/8/2021

6/18/2020

5/17/2019

4/19/2017

Round

Growth Equity

Corporate Minority - II

Secondary Market

PIPE

Series G

Company

H2Scan

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Amount

$70M

$99M

$99M

$99M

New?

Yes

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Co-Investors

Sources

12

10

10

10

10

LetterOne Portfolio Exits

3 Portfolio Exits

LetterOne has 3 portfolio exits. Their latest portfolio exit was FreedomPop on June 07, 2019.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

6/7/2019

Acquired

$99M

1

5/10/2019

IPO

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$99M

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10

2/1/2019

Shareholder Liquidity

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$99M

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10

Date

6/7/2019

5/10/2019

2/1/2019

Exit

Acquired

IPO

Shareholder Liquidity

Companies

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Valuation

$99M

$99M

$99M

Acquirer

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Sources

1

10

10

LetterOne Acquisitions

3 Acquisitions

LetterOne acquired 3 companies. Their latest acquisition was Upp on January 01, 2021.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

1/1/2021

$99M

Acq - Fin

1

11/13/2019

Other

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$99M

$99M

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10

6/25/2017

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$99M

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10

Date

1/1/2021

11/13/2019

6/25/2017

Investment Stage

Other

Companies

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Valuation

$99M

$99M

$99M

Total Funding

$99M

Note

Acq - Fin

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Sources

1

10

10

LetterOne Fund History

2 Fund Histories

LetterOne has 2 funds, including LetterOne Technology.

Closing Date

Fund

Fund Type

Status

Amount

Sources

LetterOne Technology

Industry Focused

Open

1

LetterOne Health

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10

Closing Date

Fund

LetterOne Technology

LetterOne Health

Fund Type

Industry Focused

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Status

Open

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Amount

Sources

1

10

LetterOne Partners & Customers

3 Partners and customers

LetterOne has 3 strategic partners and customers. LetterOne recently partnered with Enfusion on October 10, 2018.

Date

Type

Business Partner

Country

News Snippet

Sources

10/10/2018

Vendor

United States

2

8/30/2016

Partner

United States

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10

2/12/2016

Partner

United States

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10

Date

10/10/2018

8/30/2016

2/12/2016

Type

Vendor

Partner

Partner

Business Partner

Country

United States

United States

United States

News Snippet

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Sources

2

10

10

LetterOne Team

7 Team Members

LetterOne has 7 team members, including , .

Name

Work History

Title

Status

Mikhail Fridman

Founder

Current

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Name

Mikhail Fridman

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Work History

Title

Founder

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Status

Current

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