Validates Global Blue’s leadership, reflects
confidence in ongoing travel recovery, and supports stated
de-leveraging target
Global Blue Group Holding AG (NYSE: GB and GB.WS), the leading
strategic technology and payments partner powering retailers’
improved performance and enhancing shoppers’ experience, is pleased
to announce it has entered into a share purchase and investment
agreement with Tencent, a world leading internet and technology
company.
Tencent has agreed to invest $100 million in Global Blue common
equity at a price of $5.50 per share, which is generally in line
with the volume-weighted average price over the past 3 months. At
closing, Tencent will own 18.18 million common shares, representing
approximately 8% of the total fully-diluted share capital.
Jacques Stern, Global Blue CEO said: “We are pleased to welcome
Tencent as a shareholder as we continue to diversify our ownership
base. We have achieved robust revenue growth and margin improvement
in recent quarters, thanks to the ongoing international travel
recovery and our investments in digitalization and new products, as
well as cost management. Today’s investment validates our strategy
and confidence in the ongoing travel recovery. We believe Global
Blue is well-positioned to continue to benefit from the return of
Asian shoppers in FY24/25 towards 2019 levels, in particular
Mainland Chinese, supporting our Adjusted EBITDA guidance of more
than €200m in FY24/25.”
James Mitchell, Chief Strategy Officer and Senior Executive Vice
President of Tencent, added: "We have closely followed Global
Blue’s digital evolution for several years, during which the
management team has enhanced the company’s technology capabilities
and service offering, extending its shopper and merchant reach. We
are pleased to make a strategic investment in Global Blue to help
support its future growth and look forward to continued growth in
cross-border travel and shopping, including travel from China."
The aforementioned common shares will consist of (i) 50% / 9.09
million secondary common shares to be sold by affiliates of Silver
Lake and Partners Group and certain members of the board and
management and (ii) 50% / 9.09 million primary common shares to be
issued by Global Blue. The closing of the proposed transaction is
expected to take place before month-end, subject to closing
conditions. Global Blue intends to use the primary proceeds to
reduce its debt balance, in pursuit of its long-term target of net
leverage of less than 2.5x Net Debt / Adjusted EBITDA.
BofA Securities acted as financial advisor, and Davis Polk &
Wardwell and Homburger as legal advisors, to Tencent. J.P. Morgan
Securities and Deutsche Bank Securities acted as financial
advisors, and Simpson Thacher & Bartlett and Niederer Kraft
Frey as legal advisors, to Global Blue and its secondary
sellers.
A copy of the share purchase and investment agreement can be
obtained from the Securities and Exchange Commission’s website at
www.sec.gov or the investor section of the Company’s website at
Global Blue Group Holding AG - Investor Relations.
ABOUT GLOBAL BLUE
Global Blue pioneered the concept of Tax Free Shopping 40 years
ago. Through continuous innovation, we have become the leading
strategic technology and payments partner, empowering retailers to
improve their performance and shoppers to enhance their
experience.
Global Blue offers innovative solutions in three different
fields:
•Tax Free Shopping: Helping retailers
at over 300,000 points of sale to efficiently manage 35 million Tax
Free Shopping transactions a year, thanks to its fully integrated
in-house technology platform. Meanwhile, its industry-leading
digital Tax Free shopper solutions create a better, more seamless
customer experience •Payments services: Providing a full
suite of foreign exchange and Payments technology solutions that
allow acquirers, hotels and retailers to offer value-added services
and improve the customer experience during 31 million payment
transactions a year at 130,000 points of interaction
•Complementary RetailTech: Offering new technology solutions
to retailers, including digital receipts and eCommerce returns,
that can be easily integrated with their core systems and allow
them to optimize and digitalize their processes throughout the
omni-channel customer journey, both in-store and online
In addition, Global Blue’s data and advisory services
offer a strategic advisory to help retailers identify opportunities
for growth, while its shopper experience and engagement
solutions provide data-driven solutions to increase
footfall, convert footfall to revenue and enhance
performance.
For more information, visit
http://www.globalblue.com/about-us/media.
ABOUT SILVER LAKE
Silver Lake is a global technology investment firm, with
approximately $101 billion in combined assets under management and
committed capital and a team of professionals based in North
America, Europe and Asia. Silver Lake’s portfolio companies
collectively generate nearly $265 billion of revenue annually and
employ approximately 533,000 people globally. For more information,
visit www.silverlake.com.
ABOUT PARTNERS GROUP
Partners Group is a leading global private markets firm. Since
1996, the firm has invested $200 billion in private equity, private
real estate, private debt, and private infrastructure on behalf of
its clients globally. Partners Group seeks to generate strong
returns through capitalizing on thematic growth trends and
transforming attractive businesses and assets into market leaders.
The firm is a committed, responsible investor and aims to create
sustainable returns with lasting, positive impact for all its
stakeholders. With $142 billion in assets under management as of 30
June 2023, Partners Group provides an innovative range of bespoke
client solutions to institutional investors, sovereign wealth
funds, family offices and private individuals globally. The firm
employs more than 1,900 diverse professionals across 20 offices
worldwide and has regional headquarters in Baar-Zug, Switzerland;
Denver, USA; and Singapore. It has been listed on the SIX Swiss
Exchange since 2006 (symbol: PGHN).
ABOUT TENCENT
Tencent uses technology to enrich the lives of Internet users.
Tencent’s communication and social services, Weixin and QQ, connect
users with each other and with digital content and services, both
online and offline, making their lives more convenient. Tencent’s
targeted advertising service helps advertisers reach out to
hundreds of millions of consumers in China. Tencent’s FinTech and
business services support Tencent’s partners’ business growth and
assist their digital upgrade.
Tencent invests heavily in talent and technological innovation,
actively promoting the development of the Internet industry.
Tencent was founded in Shenzhen, China, in 1998. Shares of Tencent
(00700.HK) are listed on the Main Board of the Stock Exchange of
Hong Kong.
FORWARD-LOOKING STATEMENTS
Some of the statements in this press release constitute
forward-looking statements that do not directly or exclusively
relate to historical facts. You should not place undue reliance on
such statements because they are subject to numerous uncertainties
and factors relating to Global Blue’s operations and business
environment, all of which are difficult to predict and many of
which are beyond Global Blue’s control. Forward-looking statements
include information concerning Global Blue’s possible or assumed
future results of operations, including descriptions of Global
Blue’s business strategy and target financial results, as well as
the expected consummation of the offering. These statements are
often, but not always, made through the use of words or phrases
such as “believe,” “anticipate,” “could,” “may,” “would,” “should,”
“intend,” “plan,” “potential,” “predict,” “will,” “expect,”
“estimate,” “project,” “positioned,” “strategy,” “outlook” and
similar expressions. All such forward-looking statements involve
estimates and assumptions that are subject to risks, uncertainties
and other factors that could cause actual results to differ
materially from the results expressed in the statements. Among the
key factors that could cause actual results to differ materially
from those projected in the forward-looking statements are those
described in Global Blue’s Annual Report on Form 20-F for the
fiscal year ended March 31, 2023 and those described from time to
time in Global Blue’s other reports to be filed with the Securities
and Exchange Commission.
These risks could cause actual results to differ materially from
those implied by forward-looking statements in this press release.
Global Blue may not be able to complete the proposed transaction on
the contemplated terms or other acceptable terms or at all because
of a number of factors, including the occurrence of any event,
change or other circumstances that could give rise to the
termination of the definitive agreement governing the proposed
transaction.
You are cautioned not to place undue reliance on these
forward-looking statements that speak only as of the date hereof.
New risks and uncertainties come up from time to time, and it is
impossible for Global Blue to predict these events or how they may
affect Global Blue. Global Blue does not undertake any obligation
to update or revise any forward-looking statements after the date
of this press release, whether as a result of new information,
future events or otherwise, except as required by law. In light of
these risks and uncertainties, you should keep in mind that any
event described in a forward-looking statement made in this press
release or elsewhere might not occur.
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version on businesswire.com: https://www.businesswire.com/news/home/20231116266791/en/
INVESTOR RELATIONS Frances Gibbons - Head of Investor
Relations Mob: +44 (0)7815 034 212 Mail:
fgibbons@globalblue.com
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