ContextLogic To Sell Wish Assets To Qoo10 For $173 Mln

(RTTNews) - Monday, ContextLogic Inc. (WISH) announced that it has agreed to sell all of its operating assets and liabilities, which include its popular Wish e-commerce platform, to Qoo10 for a cash payment of approximately $173 million.

The deal, which is anticipated to be finalized in the second quarter of 2024, represents a 44 percent premium over the company's closing stock price on February 9, 2024, as the purchase price represents around $6.50 per share.

Following the finalization of the deal, the Wish brand and platform will be integrated into the Qoo10 family of businesses. This integration is expected to create new cross-border e-commerce opportunities for Wish merchants, while Wish users will enjoy a wider range of products at competitive prices.