(Reuters) -BlackRock Inc, the biggest institutional investor in THG, is offloading nearly half its stake in the British e-commerce group at a 10% discount to current market prices.
Deal bookrunner Goldman Sachs said on Tuesday BlackRock’s sale of 58 million THG shares was priced at 195 pence apiece, or a 10.3% discount to the stock’s Monday close. The deal is valued at 113.1 million pounds ($154.4 million).
The U.S. asset manager had a 10.13% stake of nearly 124 million shares as of mid-October, according to Refinitiv data.
The sale follows a rocky month for THG in which its share price sank some 57% as investors were left underwhelmed by a company presentation focusing on its e-commerce technology platform Ingenuity.
Manchester-based THG’s attempts to soothe investor nerves, including naming an executive from its backer SoftBank to its board and pursuing a premium listing on the London Stock Exchange, have so far failed to have an impact.
($1 = 0.7323 pounds)
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