QVC Group Plucks Zulily in $2.4B Deal
QVC Group, the home shopping arm of Liberty Interactive, has agreed to purchase online retailer zulily in a deal valued at about $2.4 billion.
Liberty Interactive will acquire zulily for $18.75 per share – about $9.38 per share in cash and 0.3098 shares of Liberty stock for each zulily share. The purchase price represents a 49% premium to zulily's closing price Friday of $12.57 per share. Funding for the cash portion of the deal is expected to come from cash on hand at zulily and QVC’s revolving credit facility.
The acquisition will be attributed to Liberty Interactive’s QVC Group tracking stock.
For the full story go to Multichannel.com.
Broadcasting & Cable Newsletter
The smarter way to stay on top of broadcasting and cable industry. Sign up below.