(Reuters) – THG said on Monday a trading arm of Japan’s SoftBank Group Corp has agreed to sell its holding in the British e-commerce group to THG Chief Executive Matthew Moulding and Qatar’s sovereign wealth fund.
SB Northstar, the fourth largest shareholder in THG, will sell its 80.6 million shares, which represent about 6.4% of the British company’s capital.
THG and SoftBank had agreed to terminate their collaboration in July due to challenging global market conditions.
Moulding’s purchase will take his direct and indirect holding in THG to 320.9 million shares, about 25% of the group’s capital.
Shares of London-listed THG were up 12.9% at 45.8 pence at market close.
(Reporting by Muhammed Husain in Bengaluru; Editing by Shinjini Ganguli)