One of Manchester’s largest companies finds itself the subject of a takeover bid for the third time in less than a year.
THG, the software and online retail giant, previously saw off a £1.4bn attempt from property tycoon Nick Candy and a £2bn bid from Belerion Capital and King Street Capital Management.
Now Apollo Global Management has thrown its hat into the ring and has until May 15 to either make a firm offer or walk away.
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The news was confirmed by THG shortly after 10am on Monday, April 17, in a move that saw its share price surge since June 15 last year.
Below, BusinessLive explains all you need to know about the potential new owner of THG.
Apollo Global Management is headquartered in New York and was founded over 30 years ago by Leon Black, Josh Harris and Marc Rowan.
The private equity firm is one of the largest in the world, with $548bn of assets under management as of 2022.
Last year its revenue totalled $10.9bn while it employs over 2,500 people.
Its funds have stakes or whole ownership in multiple UK companies such as Miller Homes while it is also an investor in film studio Legendary Entertainment.
The business has hit the headlines in the North West in recent years through its involvement in companies such as Missguided and Co-op Live.
In February 2022, Apollo Global Management helped to provide a new financing deal for the £365m Co-op Live arena which is being constructed in the shadow of Manchester City’s Etihad Stadium.
However Alteri Investors, which is backed by the private equity giant, lost out when online fashion brand Missguided collapsed last year and was rescued by Mike Ashley’s Frasers Group.
The potential takeover bid for THG from Apollo Global Management has not been revealed but is expected to be more than the group’s current market capitalisation of around £1.2bn.
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