SoftBank leads $1B investment in Manchester-based e-commerce company The Hut Group

SB Management, a wholly-owned subsidiary of Japanese investment giant SoftBank Group Corp, has announced the acquisition of a stake worth $2.33 billion (approx £1.6 billion) in The Hut Group (THG), an online retailing platform based out of Manchester.

With this deal, SB Management will acquire a 19.9% stake in THG Ingenuity, a yet-to-be-formed tech platform division. Notably, the stake values the subsidiary at $6.3 billion (approx £4.5 billion). 

The UK company is also planning to raise a capital of $1 billion (approx £706 million), which includes $730 million (approx £515 million) from SBM and an institutional placing of up to $270 million (approx £190 million).

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