ContextLogic Sells Wish eCommerce Platform to Qoo10 for $173 Million
ContextLogic Inc., also known as Wish, has announced an agreement to sell its operating assets and liabilities, including its Wish ecommerce platform, to Qoo10 for approximately $173 million in cash, representing a 44% premium to its closing stock price. Following the transaction, ContextLogic will remain a publicly listed entity with approximately $2.7 billion in Net Operating Losses (NOLs) and intends to explore opportunities to monetize its tax assets with a financial sponsor. The acquisition aims to create a global cross-border ecommerce platform and is expected to be completed in the second quarter of 2024, subject to shareholder approval and customary closing conditions.
