HGCapital Trust sells partial stake in team.blue

HgCapital Trust said it had agreed the partial sale of its investment in tech company team.blue to the Canada Pension Plan Investment Board for an undisclosed sum.

CPP Investments joins Hg as well as founder and President of team.blue Jonas Dhaenens and co-founder Ali Niknam, who will stay as cornerstone investors alongside the wider management team led by CEO Claudio Corbetta.

Hg remains the largest single investor in team.blue, the company said on Wednesday.

This transaction values HgT's investment in team.blue at around £95m, representing an uplift of £21.8m or 30% over the carrying value of £73.2m in the net asset value of HgT at March 31. 2024.

HgT will receive a net realisation of £32.6m from team.blue, having re-invested a portion of its proceeds in the business alongside other institutional clients of Hg. HgT's exposure to team.blue will be £62.4m at closing representing approximately 2.6% of NAV.

Reporting by Frank Prenesti for Sharecast.com