Deal will create largest global TV/e-commerce retailer
Englewood, Colo. – QVC parent Liberty Interactive has entered an agreement to acquire HSNi, whose divisions include HSN and Cornerstone Brands (Ballard Designs, Frontgate, Garnet Hill, Grandin Road and Improvements).
Liberty will acquire the 62% of HSNi it does not already own in an all-stock transaction, creating the largest global video e-commerce retailer. The deal is valued at $2.1 billion, according to reports.
The transaction is expected to close in the fourth quarter. HSNi will remain headquartered in St. Petersburg, Fla.
In addition to QVC’s U.S. channel, Liberty has QVC operations in the UK, Germany, France, Italy, Japan and China.
“By creating the leader in discovery-based shopping, we will enhance the customer experience, accelerate innovation, leverage our resources and talents to further strengthen our brands, and redeploy savings for innovation and growth,” said Mike George, QVC president and ceo.
The acquisition will give HSNi access to global consumer markets and expertise, said Arthur Martinez, HSNi’s chairman.
“We have both been innovators in a growing and dynamic retail environment with a unique vision of what shopping should be,” he said. “And as new technologies continue to change our everyday lives, together we can develop the next generation of shopping for the next generation of consumers.”