Farfetch agreed to issue and sell, via a private placement, convertible senior Notes in an aggregate principal amount of USD 250 million. Tencent, a China-based global technology pioneer, has committed to a strategic investment by agreeing to purchase USD 125 million of the Notes, and US-based investment firm Dragoneer has agreed to purchase the remaining USD 125 million of Notes.
The financing will supplement Farfetch’s current liquidity position. As of 31 December 2019, the company’s cash and cash equivalents balance amounted to approximately USD 320 million.
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