Liberty Interactive Corp (QVCA.O) said it would buy the remaining 62 percent of HSN Inc (HSNI.O) it does not already own in a deal that values the TV shopping network at $2.1 billion. <\/p>\n
The deal allows U.S. cable TV mogul John Malone to fully merge HSN with Liberty Interactive's QVC network. <\/p>\n
The all-stock offer is worth $40.36 per HSN share, a premium of 29 percent to the stock's Wednesday close. HSN's shares jumped 33.9 percent to $41.90 in early trading on Thursday. Liberty Interactive's shares were up 4.1 percent at $25.45. <\/p>\n
The deal, which gives HSN an enterprise value of $2.6 billion, will help Liberty develop its e-commerce and mobile shopping platforms and improve its programming content across its networks, the company said. <\/p>\n
The HSN group consists of HSN, its home shopping business, and Cornerstone, which includes home and apparel lifestyle brands including Ballard Designs, Frontgate and Garnet Hill. <\/p>\n
HSN shareholders will receive 1.65 shares of Series A QVC Group stock for every share held, Liberty Interactive said. <\/p>\n
HSN will be overseen by QVC Chief Executive Mike George and will remain headquartered in St. Petersburg, Florida. <\/p>\n
Allen & Co is the financial adviser to Liberty Interactive, while Baker Botts LLP is the legal adviser. <\/p>\n
Centerview Partners and Goldman Sachs Group are the financial advisers for HSN. Davis Polk & Wardwell LLP is the legal adviser. <\/p>\n
(Reporting by Narottam Medhora in Bengaluru; Editing by Sriraj Kalluvila and Saumyadeb Chakrabarty) <\/p>\n
Kind LLC has hired investment banks to advise on a minority stake sale it hopes will value the maker of the eponymous snack bars at more than $3 billion, including debt, according to people familiar with the matter. <\/p>\n
Warren Buffett's Berkshire Hathaway Inc said on Friday it would pay $9 billion to pick up the parent of Texas power transmission company Oncor Electric Delivery Co from bankruptcy, stepping up its pursuit of steady returns in utilities. <\/p>\n
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Liberty Interactive to buy rest of HSN - Reuters<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Liberty Interactive Corp (QVCA.O) said it would buy the remaining 62 percent of HSN Inc (HSNI.O) it does not already own in a deal that values the TV shopping network at $2.1 billion. The deal allows U.S. cable TV mogul John Malone to fully merge HSN with Liberty Interactive's QVC network Continue reading