BlackRock sells nearly half of THG stake at 10% discount - reports

Sell-off marks latest blow for embattled e-commerce firm

BlackRock is selling nearly half its stake in UK-based e-commerce firm THG, where it was the second-largest stakeholder, for a 10% discount, it has been reported.

Following the announcement, THG's share price plummeted to a record low of 198 pence as of 10am on Tuesday (2 November). The stock has fallen by 73% this year alone, according to data from FE fundinfo. THG's initial public offering price was valued at 500 pence. News of BlackRock selling a large chunk of its THG stake broke when deal bookmaker Goldman Sachs announced that the US fund manager would sell 58 million THG shares at 195 pence each, a 10.3% discount to the stock's price on Monday's close. THG declined to comment on the sell-off. BlackRock has been contacted. As of 13 Octo...