Founded in 2007, LightInTheBox is a global online retail company that sources products directly from China-based manufacturers and delivers them to online buyers from around the world. Its website and apps are available in 23 languages.
Ezbuy was founded in 2010 and it has become one of Southeast Asia’s main cross-border ecommerce platforms. It allows its more than 3 million customers in Singapore, Malaysia, Indonesia, Thailand, and Pakistan to shop for products from Mainland China, Taiwan, the US, South Korea, Malaysia, and Singapore.
Under the terms of the share purchase agreement and as part of an intended long-term, strategic transaction to create greater synergies with the company’s existing business, LightInTheBox has agreed to acquire a 100% equity stake in Ezbuy for USD 85.55 million in the form of non-interest bearing one year convertible promissory notes. Both companies will work together to maximise business synergies created to capitalise on opportunities to expand their businesses.
The closing of the transaction is expected to occur in the near future and is subject to customary closing conditions, including, without limitation, NYSE approval for the listing of the ADSs to be issued in connection with the transaction.
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