1990. Millicom International Cellular S.A. (MIC) is founded. Until this year, the TV3 channel has been shared by Sweden, Norway and Denmark, but is now replaced by a Danish channel and a Swedish/Norwegian channel. Invik extends the engagement in Försäkrings AB Atlantica by subscription of new shares.
1991. Kinnevik launches radio broadcasts. TV3 signs an exclusive agreement for the right to broadcast the Ice-Hockey World Championships from 1992 to 1997. TV4 secures a concession to become Sweden’s third terrestrial TV channel. During the autumn, Kinnevik becomes the largest single owner, with 20 per cent of the shares.
1992. In November, Kinnevik makes a bid for the outstanding minority interests in Korsnäs and reaches an agreement with STORA. The Korsnäs surplus is invested in two fast-growing future business areas where Kinnevik possesses specialist skills, namely TV & media and telecommunications. As of November 1992, Kinnevik’s shares are once again listed on the Stockholm Stock Exchange. This is also the year in which Kinnevik launches its digital mobile telecom operations (Comviq GSM), as well as its text-TV operations. TV4 launches its two biggest hits, BingoLotto and the adventure competition known in Sweden as Fångarna på Fortet. Within the business area Treasury Management Invik is now also working for external clients.
1993. Kinnevik launches its international telecom initiative. This is also the year in which the commercial TV market makes its real breakthrough, reporting 85 per cent growth.
1994. Kinnevik’s national telepcom initiative (Tele2) is launched. The annual report for 1994 notes: Although mistakes have been made, these investments now appear on the whole to have been a success. The last 15 years have also seen divestments, mainly within the special steel industry and in hydro-electric power production, bringing in some SEK 7,000 million. At the same time, investments totalling around SEK 8,700 million have also been made in newly started companies. Towards the end of the year, Kinnevik’s operations are organised into four sub-groups, while the parent company, Industriförvaltnings AB Kinnevik, becomes a holding company. The sub-groups are Korsnäs Holding AB (packaging and packaging materials), Modern Times Group MTG AB (TV and media), NetCom Systems AB(telecommunications) and Investment AB Kinnevik (other operations). During this year Invik increases its holding in Försäkrings AB Atlantica reaching 82.7 per cent of the shares and votes.
1995. Korsnäs reports record figures and its highest ever profit. Net sales total SEK 5,100 million and the profit is SEK 1,300 million, with a profit margin of 26 per cent. Over a five-year period, the profit margin averages 17.5 per cent, which is unique by comparison with other forestry companies, according to the annual report. MTG expands by strengthening its Nordic satellite positions in Sweden and Norway. The newspaper Metro is an instant success in the Stockholm underworld (the underground railway system). After only nine months, Metro is reporting a profit and has become the capital’s second largest daily newspaper by the end of its first year.
1996. In May, the shares of NetCom Systems AB are distributed to the shareholders. The company is listed on the Stockholm Stock Exchange O-list and six months later on Nasdaq. Viasat has by now acquired more than 830,000 subscribers and become Europe’s third largest satellite distributor. Millicom secures mobile licenses in Cambodia and Honduras, and its operations now cover 20 countries.
1997. Modern Times Group MTG AB is spun-off and all shares are distributed to the shareholders. The shares are listed on the SBI list and Nasdaq. Industriförvaltnings AB Kinnevik reports net sales of almost SEK 7,000 million and an operating profit of just over SEK 700 million. The balance sheet records assets of nearly SEK 15,000 million. By now, the Kinnevik Group consists primarily of Korsnäs and Investment AB Kinnevik. Invik now owns nearly 100 per cent of the shares and votes of Försäkrings AB Atlantica. On 22 September the Invik share is quoted on the Stockholm Stock Exchange O-list. Metro is launched in Prague.
1998. An associated company based in Luxembourg, Millicom International Cellular S.A. (MIC), continues the rapid expansion of its mobile telephone subscriber base. In January, the number of subscribers passes the 1 million mark for the first time. The operations now include licenses covering a potential market of more than 420 million people in more than 20 countries. The telecom company known as Société Européenne de Communication (SEC) is formed by merging Kinnevik’s wholly owned subsidiaries, Tele2 Europe, Transcom Europe, Transcom International and 3C Communications, with MIC’s cellular license in Luxembourg, TANGO, and MIC’s share of a prefix license in France. Kinnevik has a 65 per cent holding in SEC, while MIC owns 35 per cent. In May, Kinnevik’s Annual General Meeting resolves to sell 20 per cent of the total number of SEC shares and Kinnevik’s shareholders are to have preferential rights to acquire them. Invik has paid off the company’s debts towards Kinnevik.
1999. All Kinnevik’s shares in Moderna Tider Holding AB are sold to MTG. Shareholders are also allocated rights to shares in Invik & Co. AB. The subsidiary SMA Maskin is sold, and Korsnäs decides to subdivide its forestry holdings by founding separate companies. Invik purchases the asset management company Myrberg & Partner AB, under name change to Modern Privat Kapitalförvaltning MPK AB.