11th May 2021 08:51
(Alliance News) - Consumer goods retailer THG PLC on Tuesday said it has raised USD1.05 billion via an upsized share placing, together with a share subscription by a SoftBank Group Corp subsidiary.
Due to strong demand in the bookbuild, THG said its placing was bumped up to USD320 million from USD270 million. Further, SBM, a subsidiary of Tokyo-based technology investor SoftBank, has subscribed for USD730 million.
Manchester, England-based THG said it will issue 38.1 million shares under the placing, plus 86.6 million shares to SBM. The placing price of 596 pence represents the last closing price of a THG share prior to the launch of the placing.
THG shares were trading 16% higher in London on Tuesday morning at 691.00 pence each, giving it a market capitalisation of GBP6.86 billion.
The placing shares and the subscription shares together represent about 10% of THG's share capital prior to the offering.
THG late Monday said it has inked a financial and trading partnership with SBM under which they will explore potential commercial arrangements with each other. The collaboration comprises the USD730 million subscription by SBM in THG shares, plus an option to subscribe for a 20% interest in THG Ingenuity.
In addition, THG has agreed to acquire New Jersey-based skincare and haircare products Bentley Technologies from its founder and the Riverside Co for USD255 million on a cash and debt-free basis.
By Evelina Grecenko; [email protected]
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