(Reuters) – THG Plc is raising $1 billion in fresh capital, including about $730 million from a unit of SoftBank Group, and the remainder from other investors, the UK-based consumer brands company said on Monday.
SoftBank’s unit SB Management will also sign an option agreement with THG Ingenuity, which is yet to be formed, THG said in a statement.
The ecommerce retailer added that the agreement with THG Ingenuity will be for a $1.6 billion investment, implying an enterprise value of $6.3 billion for a 19.9% equity interest.
THG Ingenuity, which will be owned and controlled by THG, will be required to be a separate legal entity, the statement said, adding that the process of the unit’s formation has already commenced. (https://bit.ly/3eBZ4iS)
Separately, THG said on Monday that it will buy Bentley Laboratories LLC, a New Jersey-based prestige beauty developer and manufacturer, for $255 million.
(Reporting by Nandakumar D in Bengaluru; Editing by Shailesh Kuber)
