In a statement UK-based consumer brands THG Plc stated, it is in the process of raising $1 billion in fresh capital, including about $730 million from a unit of SoftBank Group and the remainder from other investors.
THG went on to add, SoftBank’s unit SB Management will also sign an option agreement with THG Ingenuity, which is yet to be formed.
The agreement with THG Ingenuity will be for a $1.6 billion investment, implying an enterprise value of $6.3 billion for a 19.9% equity interest.
The statement also mentioned that THG Ingenuity, owned and controlled by THG, will be required to be a separate legal entity. The process of forming the unit has already begun. Earlier on Monday, in a separate statement THG said, it will acquire Bentley Laboratories LLC, a New Jersey-based prestige beauty developer and manufacturer, for $255 million.