Hg, the Manager of HgCapital Trust plc (“HgT”), today announces that it has agreed the partial sale of its investment in team.blue to Canada Pension Plan Investment Board (“CPP Investments”).

CPP Investments joins Hg as well as founder and President of team.blue Jonas Dhaenens and co-founder Ali Niknam, who remain cornerstone investors alongside the wider management team led by CEO Claudio Corbetta. Hg remains the largest single investor in team.blue.

The terms of the transaction have not been disclosed and is subject to customary conditions and regulatory approvals.

HgT, whose shares are listed on the London Stock Exchange, gives private and institutional investors the opportunity to participate in all Hg’s investments.

This transaction values HgT’s investment in team.blue at approximately £95.0 million. This would represent an uplift of £21.8 million (30% or 4.8 pence per share) over the carrying value of £73.2 million in the Net Asset Value (“NAV”) of HgT at 31 March 2024. HgT will receive a net realisation of approximately £32.6 million from team.blue, having re-invested a portion of its proceeds in the business alongside other institutional clients of Hg. HgT’s exposure to team.blue will be £62.4 million at closing representing approximately 2.6% of NAV.

Note that these figures only relate to HgT’s share of Hg’s overall investment in team.blue.

Based on the 31 March 2024 reported NAV, the pro-forma NAV of HgT is expected to be £2.4 billion (or 516.0 pence per share). HgT’s available liquid resources, which includes the undrawn bank facility of £375 million for future deployment (including all announced transactions and the final dividend paid in May) are estimated to be £624 million (26% of the pro-forma 31 March 2024 NAV).

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