GigaMedia To Buy 70% Stake In Strawberry Cosmetics For About $93.1 Mln

(RTTNews) - GigaMedia Limited (GIGM), an online games and computing services provider, announced that it has entered into a share purchase agreement to acquire a 70% equity interest in Strawberry Cosmetics Holding Limited, a global cosmetics e-commerce company, for the total consideration of approximately US$93.1 million.

The completion of the Transaction is subject to the Company's shareholders' approval at an extraordinary general meeting of shareholders to be held on August 5, 2015 and other customary conditions. The Transaction is expected to be completed in the third quarter of 2015.

Strawberry Cosmetics is an established online distribution and retail platform of beauty products, which owns and operates the website "StrawberryNET.com" and the related mobile application. It has a comprehensive sales and distribution network covering the major countries worldwide, with increasing contributions from the fast growing economies in Asia. StrawberryNET.com is translated into 38 languages, and has a customer base of over 3 million customers worldwide. Strawberry Cosmetics has also established a global sourcing network of a comprehensive range of beauty products with more than 700 brands and 30,000 stock keeping units.

Consolidated sales revenues of Strawberry Cosmetics and its subsidiaries in the recent four years have been over US$200 million per annum.