Provide Commerce Is Being Sold to FTDThursday, July 31, 2014
Provide Commerce, a San Diego subsidiary of Liberty Interactive Corp. and operator of online retailer ProFlowers, is being sold again, this time to one of its biggest competitors, FTD Cos. of Downers Grove, Ill.
In a proposed stock and cash transaction valued at $430 million, FTD will pay Liberty 10.2 million shares of its common stock and $121 million in cash for the company and most all of its subsidiary business lines including Shari’s Berries and Personal Creations.
ProFlowers, founded here in 1998, went public in 2003. It was acquired by Liberty in 2006 for $477 million.
After the deal is completed, expected by the end of 2014, Liberty will be the largest shareholder of FTD with about 35 percent of the combined company.
The companies said that Provide Commerce’s Red Envelope business was excluded from the transaction and is retained by Liberty.