QVC, a top TV shopping network, is buying Zulily Inc., an e-commerce site targeted at "millennial moms," for $2.4B.
Zuilily offers a constantly changing collection of apparel, fashion accessories, toys and home décor items at discounted prices from its network of more than 10,000 vendors. More than half of sales are placed via mobile devices.
Mike George, QVC CEO, said there is relatively little age overlap between customers of each company.
QVC relies on shoppers aged 35-55, while Zulily's customers are in the 25-to-45 range.
The combined company will have more than $10B in annual revenues and more than 19M customers.
QVC's $18.75 per-share price represents a 49 percent premium to the stock's $12.57 closing on Aug. 14.
Zulily went public at $22 shares each in November 2013. The stock traded in the $9.09-$41.75 range during the past 52 weeks.
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