On Monday, ContextLogic Inc., the owner of the popular Wish e-commerce platform, announced its plan to sell all of its operational properties and financial obligations to Qoo10. The total cash value of this deal is projected to be about $173 million.
This agreement is expected to be finalized by the second quarter of 2024, indicating a 44 percent premium over the closing stock price of the company on February 9, 2024. This implies a purchase price of approximately $6.50 per share.
Upon the deal's completion, the Wish brand and its platform will become part of the Qoo10 business conglomerate. It is anticipated that this incorporation will pave the way for new global e-commerce opportunities for vendors on the Wish platform. Additionally, Wish customers can look forward to a more extensive assortment of products offered at competitive prices.
