Technology investor Softbank has sold its stake in THG to the chief executive of the online retail giant and Qatar Holding.
The Manchester-headquartered company said it has been informed that SB Northstar LP, a subsidiary of Softbank, has agreed to sell 80,621,797 ordinary shares of £0.005 each in the capital of THG.
This represents its entire shareholding in THG.
The shares are being sold to each of Qatar Holding, LLC and CEO Matthew Moulding through FIC Shareco Ltd, a PCA of Matthew Moulding in the following proportions: 67,801,285 to QIA and 12,820,512 to FIC Shareco.
The relevant shares are to be sold at a price of 39 pence per share and settlement of the sale is expected to take place on 20 October 2022.
QIA is an existing shareholder, having cornerstoned THG’s initial public offering in September 2020, with deep expertise in retail, consumer and technology and a focus on growth opportunities which have a positive impact.
THG said the acquisition by FIC Shareco on behalf of Matthew Moulding further evidences his commitment to the group and its strategy, and is his fourth investment in THG since IPO, with more than £38m invested in August 2021, July 2022 and October 2022.
Matthew Moulding, chief executive, said: “I’m delighted to be further increasing my family’s stake in THG, continuing our unswerving support following on from other recent share purchases. QIA shares the board’s vision of the scale of opportunity for THG, building a British global success story in large and growing addressable markets. QIA’s long-term investment approach is a positive endorsement for the UK as a whole.
“I’m incredibly proud of the progress the team continue to make in each of our major divisions, and believe the uncertain macro-conditions provide an even greater opportunity for THG to further disrupt global Beauty, Nutrition and Technology markets.
“We at THG extend our thanks to Softbank for their support as a financial and commercial partner, and we will continue to benefit from the relationships formed across their international technology portfolio.”