Qoo10 acquires Wish for more than 160 million euros

Context logic has announced the approval of the agreement for sell substantially all operating assets and liabilitieswhich primarily includes the e-commerce platform Wish, to the platform Qoo10based in Singapore, from 173 million dollars (160.5 million euros)reported in a statement.

According to the announcement, investors should make a profit with the purchase price of 6.50 US dollars (6 euros) per share 44% premium about the price at which the shares were quoted before the transaction was announced on February 9th.

«The Board of Directors conducted a comprehensive review of strategic alternatives with the support of external financial and legal advisors. We have evaluated various possible outcomes and have concluded that the proposed sale of our operating assets and liabilities represents the best path to maximize shareholder value. We also believe there is significant upside potential in attracting a long-term focused capital partner to support future value creation“he defined Tanzeen Syed, Chairman of the Board of Directors.

In this sense, the manager reiterated: “The Board believes that the transaction will effectively reduce ContextLogic’s cash burn to near-zero, monetize its operating assets at the highest possible value and preserve significant value for shareholders.«.

On his side, in the words of Joe Yan, CEO of ContextLogic«Integrating the Wish platform with Qoo10 will create a truly global cross-border e-commerce platform to serve the huge market demand. We expect Wish’s new platform to provide an enhanced customer experience through a larger product assortment and selection of sellers, and for our merchants, we will be able to offer fully integrated logistics capabilities to provide unmatched cost-effective services with high quality control and provide transparency.«.

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«With the acquisition of Wish, Qoo10 and Wish provide a comprehensive platform for merchants, sellers, buyers and customers around the world to realize the potential of a truly global marketplace.“, he showed Young Bae Ku, CEO and founder of Qoo10making sure “We are committed to further facilitating the expansion of Korean sellers and products abroad, thereby contributing to the growth of the Korean industry.«.

The company expects to close the transaction in the second quarter of 2024, subject to ContextLogic shareholder approval and other customary closing conditions. As part of the agreement is ContextLogic will trade under a new ticker symbol within 30 days of completing the transaction.

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