Coupang to acquire Farfetch business and assets, entering $400B luxury segment

Coupang, Inc.

Coupang acquires Farfetch via pre-pack administration; Coupang gets 80.1% equity in Athena Topco, Greenoaks 19.9%.
$500M bridge loan at 12.5% PIK to fund Farfetch working capital; Sale subject to regulatory clearances.
Coupang to contribute up to $300M at closing plus up to $500M additional within 12 months post-closing.
Farfetch acquisition targets $400B global personal luxury market; South Korea high per-capita spending highlighted.
Neil Mehta, Coupang Lead Independent Director, founded Greenoaks (19.9% partner); Greenoaks owns ~4.4% of CPNG.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Coupang, Inc. entered into Bridge Loan Facility with Farfetch PLC and certain of its direct and/or indirect subsidiaries valued at $500 million (effective 2023-12-18).

Action: entry
Agreement: credit facility
Counterparty: Farfetch PLC and certain of its direct and/or indirect subsidiaries
Value: $500 million
Effective: 2023-12-18

Exact text from the filing

a committed first lien delayed draw term loan facility in an aggregate principal amount of $500 million (the “Bridge Loan Facility”) with Farfetch PLC and certain of its direct and/or indirect subsidiaries

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Coupang, Inc. filing history →

Source: SEC EDGAR

accession 0001834584-23-000073

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