In its second-largest acquisition, Amazon buys the company for $970 million.
With the acquisition, Abazias will get access to OmniReliant’s studio to film web site video and launch a TV channel.
OmniReliant Holdings, which designs and markets luxury merchandise through its subsidiary OmniReliant Corp., has signed a letter of intent to acquire the assets of online jeweler Abazias Inc. Terms of the deal were not disclosed. The transaction is subject to board of director and shareholder approval.
Abazias, No. 490 in the Internet Retailer Top 500 Guide to Retail Web Sites, showcases diamonds valued at more than $1 billion on its web site. In a statement announcing the pending acquisition, Paul Morrison, CEO of OmniReliant Holdings, positions Abazias against online jewelers such as Blue Nile Inc., No. 48 in the Internet Retailer Top 500 Guide to Retail Web Sites.
OmniReliant plans to market its products through e-commerce, direct response TV infomercials, live shopping networks, direct mail and traditional retail channels.
“With our recent purchase of our studio we have the ability to give access to the Abazias team to film diamonds/jewelry segments and instructional videos for their web site, and even to launch their own jewelry TV channel,” Morrison says. “Abazias management also can leverage off of OmniReliant’s option to license jewelry using the Kathy Hilton brand.”
Morrison adds that OmniReliant already has secured the domain name HiltonDiamonds.com with the intention of rolling out the site in the future.