Global Blue secures $225 million to pursue acquisitions


Swiss technology and payments company Global Blue has secured a $225 million strategic growth capital investment from CK Opportunities Fund, an investment fund co-managed by Certares Opportunities and Knighthead Opportunities Capital Management, according to a Friday, May 6 . Press release.

Global Blue plans to use the new capital to continue its pursuit of add-on acquisitions in omnichannel retail technology. The money will also go towards working capital requirements associated with the company’s central duty-free purchasing business after two years of stalled business due to the pandemic, the statement said.

“This investment will allow Global Blue to fully capitalize on the expected strong recovery in travel while continuing our plans for external and internal growth in payment and retail technologies,” said Global Blue CEO Jacques Stern. , in the press release.

The deal is subject to shareholder approval and is expected to close next month, according to the statement. Of the $225 million, $180 million is for Series B preferred stock and $45 million for common stock. The new Series B preferred shares will be issued at a price of $8.50 per share, an estimated premium of 62% to the closing price of $5.24 on Thursday (May 5).

“The Series B Preferred Shares will bear an annual in-kind dividend rate of 5% and are convertible into approximately 21 million registered common shares on a one-for-one basis,” according to the statement. “The $45 million of common stock will be issued to [Thursday’s] closing price, translating to approximately 9 million shares.

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Certares and its affiliates have global knowledge of the travel and tourism industry and a portfolio of travel assets, as well as domain expertise that could generate new opportunities for Global Blue, the statement said. Tom Kleinmanaging director of Certares, will join the board of directors of Global Blue.

“Global Blue is a company that benefits from secular growth, particularly in the luxury distribution market; cyclical recovery; and accelerate opportunity as omnichannel retailers increasingly adopt new solutions from strategic technology partners like Global Blue,” Klein said in the release.

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