KarstadtQuelle Acquires Home Shopping Europe for $196MM

KarstadtQuelle AG will acquire the German television and Internet retailer Home Shopping Europe GmbH & Co. from IAC/Interactive Corp. for $196 million in stock.

Under certain circumstances the stock received in the transaction could be worth $270 million within three years, the companies said.

HSE-Germany's management team will remain in place, with Konrad Hilbers continuing as CEO.

The transaction is expected to close by the third quarter.