THG ends SoftBank partnership
Health and beauty retail group THG and Japanese technology investor SoftBank Group have terminated an agreement in which the latter could have acquired a £1.6 billion stake in THG’s Ingenuity technology division.
The two companies entered into an option and collaboration agreement in 2021.
In a statement, THG blamed the move on global macroeconomic conditions and said the link-up has been terminated by mutual agreement with immediate effect.
THG has also announced that it has completed the internal separation of its key trading divisions which will simplify its corporate divisional structures and provide “material optionality and flexibility to enter into future strategic partnerships to generate value accretion for its stakeholders”.
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