High Street

THG and SoftBank abandon plans for £1.6bn investment

The retailer said ‘in light of global macroeconomic conditions’ the deal had mutually been agreed to be terminated

THG has announced the proposed £1.6bn investment for SoftBank into the company has been terminated with immediate effect.
SB Management, a division of SoftBank, took the option to buy a 19.9% holding in THG Ingenuity, the retailer’s technology platform, last May.

However, The retailer said that “in light of global macroeconomic conditions” the deal had mutually been agreed to be terminated.

It comes as THG shares dropped to its lowest ever rate and amid a failed takeover from Candy Ventures and Belerion Capital, which opted against the acquisition of the retail group .

THG said: “The call option granted by THG to SBM will not therefore be, and will cease to be capable of being, exercised.”

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