FTD Buys Provide Commerce, Creates $1 Billion Floral Retailer
FTD Companies Inc. will acquire the Provide Commerce floral and gifting business from Liberty Interactive Corp. for $430 million in cash and stock. FTD will obtain Provide Commerce's e-commerce brands, including ProFlowers, Shari's Berries and Personal Creations. FTD says the efficiencies and resources created by this acquisition will allow it to further invest in new products, services and technology. The combination is expected to generate more than $25 million in annual synergies within 36 months of closing, with a goal of creating incremental value for FTD stockholders over time.