Qatar SWF Increases Ownership in THG PLC - SWFI
Summary
Japans SoftBank Group Corporation, through its trading unit called SB Northstar LP, agreed to sell its holding in the troubled British e-commerce group THG PLC. Qatar Holding, LLC is the unit of QIA buying the shares.THG is known as the The Hut Group. THG sells own-brand and third-party cosmetics, dietary supplements, luxury goods, and personalized products online.Buyers: 67,801,285 ordinary shares to QIA and 12,820,512 ordinary shares to FIC Shareco Limited (a PCA of Matthew Moulding). 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 October 20, 2022.Matthew Mouldings purchase will take his direct and indirect holding in THG to 320.9 million shares, about 25% of the groups capital. QIA is an existing shareholder, having cornerstoned THGs initial public offering in September 2020, with deep expertise in retail, consumer and technology.THG and SoftBank agreed to terminate their collaboration in July 2022 due to challenging global market conditions.