HSE24 Valued at $200 Million
Oct 26th, 2009 by admin
According to the German ezine Spiegel Online (GE/EN), the shopping channel HSE24, now on the open market, is valued by recent interested buyers at $200 million (140.5 million): On October 16, Golden Gate Capital made an offer for a takeover of home shopping channel HSE24 at a price of 140.5 million euro.
Picture of The Shop Exchange: HSE24 Valued at $200 Million [source:excitingcommerce.com]
As an orientation: Arcandor had taken over (GE/EN) HSE24 from IAC in June 2007 for 145 million euro (equiv. $200 million) in stocks.
In its preliminary report, Spiegel Online covers also the background of the Quelle bankruptcy. In contrary to former statements dramatic revenue losses were reported:
"Even in September, the consultancy firm Roland Berger - under assignment from the insolvency administrators - estimated the possible annual revenue of Quelle around 1.6 billion euro. A good month later it was internally understood that only 1 billion euro was a targetable revenue volume."
This equates to a halving of revenue in comparison to the previous year.
For completeness, here is the official bankruptcy notice (in German) from the insolvency administrators from last Monday.
Originally posted in German by Jochen Krisch, adapted for excitingcommerce.com by Jason Soo.[source:excitingcommerce.com]
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