Done Deal: QVC parent completes $2 billion-plus acquisition of longtime rival
The parent of QVC has officially added its biggest rival — home shopping giant HSN — to its portfolio of online and catalog retail companies.
Liberty Interactive Corp. said Monday it has completed the acquisition of the 62% of HSNi it did not already own in an all-stock transaction. Consequently, shares of HSNi common stock are no longer being traded on Nasdaq. Liberty announced it was purchasing HSNi in July, in a deal valued at more than $2 billion.
“We’re excited HSNi is joining the QVC family,” said Greg Maffei, Liberty Interactive president and CEO. "The combination will enhance QVC’s position as the leading global video e-commerce retailer and provide meaningful synergies.”
HSNi will remain based in St. Petersburg, Fla., and HSN and the Cornerstone division (which includes Frontgate, Garnet Hill and Ballard Designs) will continue to operate as separate brands.
“The combination of QVC, HSNi and zulily will enhance the customer experience, accelerate innovation, strengthen our brands and allow us to leverage our resources and talents,” said Mike George, QVC president and CEO.
Mike Fitzharris, formerly representative director and chairman, QVC Japan, has been named president of HSN and Claire Spofford, formerly president, Garnet Hill, has been named president of Cornerstone. Both will report to George. In addition, the Liberty Interactive board of directors has been expanded by one to include Fiona Dias, previously a director of HSNi.
Liberty Interactive Corp. said Monday it has completed the acquisition of the 62% of HSNi it did not already own in an all-stock transaction. Consequently, shares of HSNi common stock are no longer being traded on Nasdaq. Liberty announced it was purchasing HSNi in July, in a deal valued at more than $2 billion.
“We’re excited HSNi is joining the QVC family,” said Greg Maffei, Liberty Interactive president and CEO. "The combination will enhance QVC’s position as the leading global video e-commerce retailer and provide meaningful synergies.”
HSNi will remain based in St. Petersburg, Fla., and HSN and the Cornerstone division (which includes Frontgate, Garnet Hill and Ballard Designs) will continue to operate as separate brands.
“The combination of QVC, HSNi and zulily will enhance the customer experience, accelerate innovation, strengthen our brands and allow us to leverage our resources and talents,” said Mike George, QVC president and CEO.
Mike Fitzharris, formerly representative director and chairman, QVC Japan, has been named president of HSN and Claire Spofford, formerly president, Garnet Hill, has been named president of Cornerstone. Both will report to George. In addition, the Liberty Interactive board of directors has been expanded by one to include Fiona Dias, previously a director of HSNi.