THG, SoftBank call off investment deal
THG
41.84p
15:44 15/11/24
-2.88%
-1.24p
THG was under the cosh on Tuesday after the ecommerce group said that it and SoftBank have called off a long-standing agreement for the Japanese conglomerate to buy a stake in the company for £1.1bn.
Personal Goods
13,736.36
15:45 15/11/24
2.34%
314.51
Softbank Corp.
€0.00
17:19 15/11/24
0.00%
€0.00
Last year, SB Management- a division of Softbank - invested $730m in THG through a placing, giving it a stake of around 8%. At the same time, THG agreed to grant SB a call option to buy a 19.9% stake in THG Ingenuity, the technology division, for $1.6bn.
However, THG said on Tuesday that the agreement has been terminated by mutual agreement "in light of global macroeconomic conditions".
At 1550 BST, the shares were down 4% at 67.20p.