Singapore's Qoo10 buys e-commerce platform Wish

Merchants and users of Wish will receive access to Qoo10’s cross-border benefits.

Singapore-based online marketplace Qoo10 has purchased the US e-commerce site Wish for around $173 million.

Outgoing Wish operator ContextLogic Inc. has unanimously approved the agreement to sell its operating assets, with a purchase price of 6.50 per share and a 44% premium on the stock price.

With the completion of the acquisition, Wish will become part of the Qoo10 family of businesses. Merchants will also receive access to Qoo10’s cross-border data and opportunities, and users will gain access to a wide selection of Wish’s goods at competitive prices.

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In addition, ContextLogic will receive limited operating expenses and a debt-free balance sheet, along with net cash proceeds from the asset sale, with approximately $2.7b of net operating loss (NOL). Proceeds from the transaction will finance its NOLs.

“With the strong commitment from Wish’s employees and staff combined with the Qoo10 family group of companies, we are well positioned to realize our long-stated goal of being a leading cross-border, e-commerce marketplace,” Young Bae Ku, CEO and Founder of Qoo10, stated.