E-commerce giant The Hut Group (THG) has completed its $255m takeover of Bentley Laboratories, a US upmarket beauty products developer and manufacturer.
The Manchester-headquartered listed group first announced the deal in May at the same time as striking a $2bn boost which has valued its new business-to-business tech arm at $6.3bn.
Bentley is expected to contribute sales of c.$77m (c.£55m) and adjusted EBITDA of c.$15m (c.£11m) in its next financial year and sales of c. $35m (c.£25m) and adjusted EBITDA of c.$7m (c.£5.0m) for the remainder of its current year.
In May THG confirmed that Japanese tech investment giant SoftBank bought an option to buy 19.9% of Ingenuity in a deal that saw it invest $730m in the group.
The group also announced a capital raising drive which is expected to raise gross proceeds of c.$1bn consisting of a subscription of approximately $730m from SBM and an institutional placing of up to $270m, with long-standing, technology-focused shareholder Sofina expected to participate in the placing in an amount of up to $85m.
The following day THG added that "following strong demand in the bookbuild", the placing had been upsized by approximately an additional six million ordinary shares, increasing the gross proceeds from $270m to about $320m.
Barclays Bank, Citigroup Global Markets, Goldman Sachs International and Jefferies International acted as joint global co-ordinators and joint bookrunners in respect of the placing.
