Zalando says the deal will assist it to construct a pan-Eu e-commerce platform.
Germany’s on-line store Zalando mentioned on Wednesday that it had agreed to shop for rival model crew About You for round €1.1bn.
Zalando mentioned it could be offering €6.50 for every About You proportion, a top rate of 67% on Tuesday’s last value.
It additionally represents a 107% top rate on About You’s three-month moderate inventory value.
About You’s control and main shareholders, representing 73% of proportion capital, have agreed to promote their stakes – in step with Zalando’s press remark.
The transaction is predicted to near in summer time 2025, topic to regulatory approvals.
About You, which used to be based in 2014, counts greater than 12 million energetic shoppers and shares kind of 4,000 manufacturers
Wednesday’s remark famous that About You appeals to a “younger model target market” and is subsequently extra “style-led” than Zalando – which has a tendency to be extra “brand-led”.
Zalando upload that the “complementary strengths” of the 2 companies would “seamlessly align to ship a complete and optimised be offering for shoppers” throughout Europe.
Over the long term, the method of mixing operations is predicted to generate about €100m a yr in cost-savings.
Stocks in Zalando have been down greater than 6% in day-to-day buying and selling at round 10h15 CET.
About You stocks have been up round 63%.