BlackRock to take stake in Vinted - report

(Sharecast News) - Asset manager BlackRock is reportedly planning to take a stake in second-hand fashion marketplace Vinted in a deal valuing the group at about €8bn (£7bn). According to Sky News, BlackRock is among the new investors which have agreed to participate in a secondary share transaction to be announced in the coming weeks.

Vinted, which is based in Lithuania, has become one of the fashion industry's hottest technology scale-ups in recent years even as numerous rivals have struggled to raise funding and collapsed.

The latest deal, which has been under discussion for several months, will see BlackRock and other investors acquiring stakes from existing Vinted shareholders, according to Sky. In total, the secondary round is expected to comprise stock worth in excess of £500m.

Sources told Sky that other investors participating in the deal include an arm of Ontario Teachers' Pension Plan, one of Canada's biggest pension funds, and asset manager Capital Group. It was understood that existing Vinted shareholders including Schroders and Baillie Gifford, and Swedish private equity firm EQT, are also likely to acquire additional equity in the transaction.

Pinegrove, another asset manager, was also said to have been in talks about buying Vinted shares.

Sky said it was unclear on Wednesday which of Vinted's investors would lead the round.

Sources said a deal could be announced as early as this month, although it could take slightly longer to finalise.

Sky said industry sources have speculated that this may be the last meaningful change to Vinted's share register before the company decides to go public.