Global Blue to receive $100M strategic equity investment from Tencent

Global Blue has entered into a share purchase and investment agreement with Tencent, an internet and technology company. Tencent has agreed to invest $100M 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. The aforementioned common shares will consist of 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 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.