Liberty to acquire perishables marketer
Liberty Media Corp and Provide Commerce Inc have entered into a definitive agreement for Liberty to acquire Provide, an e-commerce marketplace of web sites for perishable goods. These goods are marketed under the brands ProFlowers, Cherry Moon Farms, Uptown Prime, and Secret Spoon. Under terms of the agreement Liberty will pay $477 million in cash, or $33.75 per Provide share.
The proposed transaction is expected to close in the second quarter of 2006. Completion of the transaction is subject to regulatory approval, Provide stockholder approval, and other customary closing conditions. After the acquisition, Provide will remain a separate subsidiary within Liberty.
Provide's online marketplace delivers perishable goods directly from the supplier to the customer, bypassing traditonal wholesalers, distributors, and retailers. Its products include fresh flowers, fruit, and meat.
