IAC to Acquire Cornerstone
InterActiveCorp said Tuesday that it has reached an agreement to acquire Cornerstone Brands Inc.
Cornerstone is a provider of print catalogs and online-retailing sites that sell home products and leisure and casual apparel.
IAC reached the $720 million deal with private investors including principal shareholders Madison Dearborn Partners and JPMorgan Partners.
Upon completion of the transaction, Cornerstone will join IAC's electronic-retailing unit and HSN.
“This arrangement enables us to immediately and significantly increase our position as one of the world's leading interactive retailers by expanding our presence across the multiple channels of catalog, TV and online,” IAC executive vice president and chief financial officer and IAC Electronic Retailing CEO Thomas J. McInerney said in a prepared statement.
“Catalog shoppers have been the fastest retail shoppers to migrate online, and aligning the promotional power of TV and the catalog, together with the convenience and dynamic experience of the Internet, will provide compelling shopping experiences for current and new customers,” he added.
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