Two Shields Investments PLC (LON:TSI) has agreed a share swap deal that will increase the company’s stake in a social shopping group as well as bringing on board new investors.
The company is handing over 1mln new shares to bump up its investment in WeShop to 6.7% from 1.7%.
“Successful completion of this transaction follows WeShop's recent announcement in which it highlighted its product and proposition enhancements, its strengthened team, new branding and the agreements of key commercial deals,” said TSI chairman Andrew Lawley.
The e-commerce group recently set out plans to increase its retailer count three-fold to 9,000 and its product lines to 150mln from 5mln.
The deal will see a number of new investors come on board at TSI, including Matthew Hammond, the current CFO of Mail.ru, the largest internet business in Russia.