Private equity firm Apollo Global Management will take Rackspace private in the all-cash deal.
PC Mall has completed its spin-off of eCost.com Inc. by distributing to its stockholders all 14 million shares of eCost.com common stock previously owned by PC Mall. eCost.com will be a stand-alone, $180 million-a-year e-retailer.
PC Mall Inc. today announced it has completed its spin-off of eCost.com Inc. by distributing to its stockholders all 14 million shares of eCost.com common stock previously owned by PC Mall.
By itself, eCost.com will become a significant online retailer. As a unit of PC Mall last year, eCost had online sales of $178.4 million, growth of 63% over 2003’s $109.7 million. PC Mall’s online sales, including eCost, last year were $316.9 million up 18.2% from $268.1 million a year the year before. Total sales at PC Mall reached $1.15 billion, up 18% from $975.5 million in 2003.
Each holder of PC Mall common stock received 1.2071 shares of eCost.com common stock for each share of PC Mall stock, the company said.
ECost.com is a multi-category online discount retailer of high-quality close-out and refurbished brand-name merchandise for consumers and small business buyers. It markets over 100,000 products from leading manufacturers such as Apple, Canon, Citizen, Denon, HP, IBM, JVC, Nikon, Onkyo, Seiko, Sony and Toshiba.
PC Mall, through its subsidiaries, is a rapid-response supplier of technology solutions for business, government, educational institutions, and consumers.