SoftBank is dumping its entire stake in troubled UK ecommerce company THG, crystallising a £450mn loss for the Japanese technology investment group.
The disposal comes as SoftBank is liquidating its internal hedge fund after a series of bad bets, including an 8 per cent stake it bought in THG in May 2021 for about £481mn.
THG said on Monday that SoftBank will pocket £31mn in proceeds after agreeing to sell 67.8mn shares to Qatar’s sovereign wealth fund. Matt Moulding, THG’s co-founder and chief executive, agreed to buy the remaining 12.8mn shares from SoftBank.
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