Douglas County-based Liberty Interactive Corp. on Wednesday completed the sale of its Provide Commerce subsidiary to FTD Companies Inc.
Provide Commerce operates a series of online floral and gift companies including ProFlowers.com, Cherry Moon Farms, gifts.com, Personal Creations, ProPlants, Shari’s Berries and Sincerely.
, Liberty Interactive will become the largest shareholder in FTD with a 35 percent stake in the company.
FTD also will pay $144.7 million in cash to Liberty. Based on FTD’s closing share price of $34.82 on Wednesday, the total transaction is valued at about $499.9 million.
FTD’s management team will remain in place, with Robert Apatoff continuing as president and CEO and Robert Berglass as chairman of the board. The board will expand from seven to 11 directors, with Liberty Interactive selecting the four new directors.
“Rob (Apatoff) and his management team have built an impressive business and with the addition of the complementary businesses of Provide Commerce we are confident they will drive even greater value,” Liberty Interactive CEO Greg Maffei said in a statement.
ProFlowers, renamed Provide Commerce when it made its initial public offering in 2003, The company pioneered direct-from-grower online flower selling and eventually developed an e-commerce platform that was adopted by brands such as Martha Stewart Flowers, Kroger and Sears.
Liberty Interactive bought Provide Commerce in 2005 for $477 million.
Steve Raabe: 303-954-1948, sraabe@denverpost.com or twitter.com/steveraabedp
