Tech investment giant SoftBank sells entire THG stake to Matthew Moulding and Qatar
manchestereveningnews.co.ukA Japanese technology investment giant has sold all its shares in Manchester-headquartered software and retail group THG to co-founder Matthew Moulding and Qatar's sovereign wealth fund.
The deal sees SoftBank make a £450m loss after it bought an 8% holding in THG in May 2021. In a statement issued to the London Stock Exchange, THG said it will receive £31million in proceeds after agreeing to sell 67.8 million shares to Qatar Investment Authority. READ MORE: Click here to sign up to the BusinessLive North West newsletter Mr Moulding, THG's CEO and co-founder, has also agreed to buy the remaining 12.8 million shares.
The move comes after a $1.6bn deal that would have seen SoftBank take a near 20% stake in a major division of THG was abandoned in July.
It has also been confirmed that the sale will take place on October 20, priced at 39p. That is below THG's 45p closing price on Monday, October 17.
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