Liberty Interactive has made an announcement regarding acquisition of Zulily, an American e-commerce company. The company said it will buy the company for nearly US$2.4bil (RM9.84bil). Liberty Interactive is owner of cable TV shopping group QVC.
Zulily is popular for its sales of trendy women's and children's brands. And QVC also sells many fashions items and home goods through its website.
As per reports, Liberty will be paying US$18.75 (RM76.93) a share to Zulily. The payment will be made in cash and stock. The amount is a 49% premium over the company's close of US$12.57 (RM51.57) on August 14. In early trade on Aug 17, the shares soared US$18.50 (RM75.90).
However, the price fell below November 2013 initial public offering of Zulily at US$22 (RM90) a share. After the company went public, its shares rose to over US$73 (RM299) on its model of usually highly discounted fashions, which last year took sales of the website to US$1.2bil (RM4.92bil).
As told by Liberty, together with QVC, yearly online sales will be approximately US$5bil (RM20.51bil), with a large part of the amount obtained from mobile transactions.
According to QVC president and chief executive Mike George, "As the world leader in video and eCommerce retail, QVC is dedicated to reimagining shopping, entertainment and community as one. In Zulily, we see a like-minded brand that shares our passion for discovering great products, for delivering honest value". He added that they also believe in building long-term relationships with their customers. As per reports, Liberty shares that traded under the QVCA ticker, dropped 2.6% to US$29.46.
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