THG (formerly the Hut Group) has signed a deal with Japanese conglomerate SoftBank to receive $2.3bn (£1.6bn) in investment.
As part of the deal SoftBank, a tech firm owned by the richest man in Japan Masayoshi Son, will purchase $730m (£517m) in new shares in THG as part of a $1bn (£708m) cash call.
SoftBank’s investment will give the company around a 9% share in THG, while the tech mogul is also taking a 19.9% stake in THG’s Ingenuity platform valued at $6.3bn (£4.5bn).
THG Ingenuity is the health and beauty retailer’s technology arm that helps other brands and retailers improve their ecommerce capabilities.
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