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Monday, August 17, 2015

Zulily (ZU) to be acquired by QVC owner for $2.4 billion

  • Liberty Interactive -- the media company that owns shopping channel QVC -- announced it will acquire online retailer Zulily in a deal worth $2.4 billion. 
  • Zulily (ZU) began trading on the NYSE on 15 November 2013
In a statement released Monday, Liberty says it will acquire all outstanding Zulily shares at $18.75 a piece, and attribute it to QVC Group's tracking stock. Shares of Zulily surged 49% in pre-market trading.

Founded in 2010 by President and CEO Darrell Cavens and board chairman Mark Vadon, Zulily is an e-commerce website specializing in selling discounted clothing and merchandise. The company went public in 2013, but its stock price has declined since hitting a 52-week peak of $39.10 last September.

In May, Chinese e-commerce giant Alibaba says it captured a 9% stake in Zulily.

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