In its second-largest acquisition, Amazon buys the company for $970 million.
Liberty Media Corp. has acquired e-retailer Provide Commerce Inc. for $477 million in cash. The acquisition was approved by the holders of a majority of the outstanding shares of Provide Commerce.
Liberty Media Corp. has acquired e-retailer Provide Commerce Inc. for $477 million in cash. The acquisition was approved by the holders of a majority of the outstanding shares of Provide Commerce at a special meeting of stockholders Feb. 9. Afterward, every issued and outstanding share of Provide Commerce common stock was converted into the right to receive $33.75 in cash. The company now is a wholly owned subsidiary of Liberty Media.
Provide Commerce, No. 59 in the Internet Retailer Top 400 Guide to Retail Web Sites, is a marketplace of web sites for perishable goods that bypasses traditional supply chains of wholesalers, distributors and retailers. Sites include ProFlowers.com, CherryMoonFarms.com, UptownPrime.com and SecretSpoon.com, which it launched this month.
Liberty Media is a holding company with investments in numerous industries, including online retailing, media, communications and entertainment. Its companies include QVC, Encore, Starz, Expedia and News Corp. Liberty, which also owns TV and web retailer QVC, plans to integrate Provide Commerce tightly with QVC’s customer base, which includes more than 80 million households with access to cable TV. “We believe in the power of video to drive television and web-based retailing businesses and Provide is a compelling addition to our strategy,” says Liberty CEO John C. Malone.
Robert P. Myers, vice president of merchandising at QVC.com, will speak at the Internet Retailer 2006 Conference & Exhibition in an educational session titled When TV and the Internet Merge, Web Shopping Explodes.