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LONDON (Alliance News) - TMT Investments PLC on Tuesday said it has sold a large portion of its stake in Depositphotos Inc for USD5.9 million, adding the valuation of its investment has increased significantly.
TMT, which invests in high-growth internet-based companies, said that following the sale of its stake, it now holds a 17% stake in Depositphotos, a stock photo marketplace.
The deal represents a 5.5-times uplift on the valuation of TMT's holding since it first invested in 2011 and 2012.
TMT shares were untraded early Tuesday, having last traded at 1.79 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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