The transaction will be completed in two tranches, with the first 9% being sold on or about Sept. 26 and the remaining 6.02% in the fourth quarter, "once applicable regulatory approval has been obtained by the purchaser", Softbank said.

General Atlantic in a separate statement confirmed the deal to buy 73.5 million Kahoot shares, but did not disclose the transaction price.

Kahoot's share price has fallen by 63% year-to-date on the Oslo Bourse, closing at 17.17 Norwegian crowns on Thursday and valuing Softbank's 15% stake at 1.25 billion Norwegian crowns ($122.28 million).

J.P. Morgan served as financial advisor to General Atlantic.

($1 = 10.2227 Norwegian crowns)

(Reporting by Terje Solsvik, editing by Stine Jacobsen)