GSI Commerce Inc. announced that QK Holdings Inc., a subsidiary of QVC Inc., has agreed to sell 9.25 million shares of GSI common stock. After the sale, QVC will no longer own any shares of GSI’s common stock. QVC’s stake stems from an investment in the company in 2000.
GSI will not receive any of the proceeds from the offering. Closing of the offering is expected to occur on or about Feb. 22, 2010, subject to customary closing conditions. The total number of shares of GSI common stock outstanding will not change as a result of this offering.
BofA Merrill Lynch is acting as the sole bookrunner for the offering. QVC is a subsidiary of Liberty Media Corporation attributed to its Interactive Group.
