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NEW YORK Online and offline Gen Y marketing company Alloy said today that it plans to buy one of its chief competitors, Delia’s, in a deal valued at about $50 million.
The acquisition, subject to certain customary conditions, calls for Alloy to pay about 93 cents in cash for each of Delia’s nearly 54 million outstanding shares. The transaction is expected to close during the fiscal third quarter.
The addition of Delia’s, an online and offline teen-oriented retailer and direct marketing company, to Alloy’s portfolio of companies will create a multi-channel merchandise business with a $300 million annual revenue base and a database of more than 20 million names, said Alloy chairman and CEO Matthew Diamond.
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