Under the terms of the planned deal, Zulily will join the QVC Group to create a “discovery-driven and experiential digital commerce powerhouse” aimed at a female audience.
Commenting on the agreement, Liberty Interactive president and CEO, Greg Maffei, said that Zulily’s founders “have built an impressive business around entertainment, discovery and value to the customer, which fits perfectly with the QVC philosophy. Combined under Liberty, we have an incredible opportunity to delight shoppers from the TV to the Internet.”
Zulily president and CEO Darrell Cavens added: “This combination under Liberty is about investing in our future and providing a tremendous opportunity to accelerate our platform for growth of the Zulily brand through the partnership with QVC.”
Liberty Interactive has entered a definitive agreement to buy all outstanding shares of Zulily for US$18.75 per share. After the deal closes, Zulily will remain based in Seattle and will continue to be run by existing management team led by Cavens.
The transaction has been approved by the boards of directors of both companies and is expected to close during the fourth quarter of 2015.
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