FTD Closes Acquisition Of Provide Commerce

(RTTNews) - Floral and gifting company FTD Cos Inc (FTD) on Wednesday said it has closed the acquisition of Liberty Interactive Corp's (QVCA,QVCB,LVNTA,LVNTB) Provide Commerce floral and gifting business.

As part of the transaction, FTD issued 10.2 million shares of its common stock to Liberty Interactive as partial consideration for the acquisition. In addition, FTD paid Liberty Interactive $144.7 million in cash, which includes $23.3 million related to cash on hand at closing and an estimated working capital adjustment. As of the closing, FTD has approximately 29.2 million shares outstanding, with Liberty Interactive owning approximately 35% of FTD shares outstanding.

FTD's management team will remain in place, with Robert Apatoff continuing as President and CEO and Robert Berglass continuing as Chairman of the FTD Board. In connection with the closing of the transaction, the FTD Board will expand from seven to 11 directors, with Liberty Interactive selecting four new directors for appointment to the Board.