QVC parent company Liberty Interactive Corp. today announced that it has entered into a deal to acquire the 62 percent of competitor HSN Inc. that it does not already own. (Liberty currently owns 38.2 percent of HSNi.)
The all-stock transaction, expected to close in the fourth quarter, marks the latest retail industry merger where major firms opt to consolidate in order to build strength against online giant Amazon.
“We are excited to announce the acquisition of HSNi. The addition of HSN will enhance QVC’s position as the leading global video eCommerce retailer,” Greg Maffei, Liberty Interactive president and CEO, said in a release. “The value of the combined QVC, HSNi and Zulily will be further highlighted when later this year QVC Group becomes an asset-backed stock as part of the previously announced split-off of Liberty Ventures.”