Japan's SoftBank agrees to sell stake in THG
The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/Files
THG said on Monday (Oct 17) a trading arm of Japan's SoftBank Group Corp has agreed to sell its holding in the British e-commerce group to THG Chief Executive Matthew Moulding and Qatar's sovereign wealth fund.
SB Northstar, the fourth largest shareholder in THG, will sell its 80.6 million shares, which represent about 6.4 per cent of the British company's capital.
THG and SoftBank had agreed to terminate their collaboration in July due to challenging global market conditions.
Moulding's purchase will take his direct and indirect holding in THG to 320.9 million shares, about 25 per cent of the group's capital.
Shares of London-listed THG were up 12.9 per cent at 45.8 pence at market close.
