By Josh Beckerman
Qurate Retail, whose brands include QVC, HSN and Ballard Designs, sold online retailer Zulily to investment firm Regent.
In connection with the transaction, Zulily will no longer be a co-borrower in QVC Inc.’s bank credit facility. Qurate repaid Zulily’s outstanding borrowing, which was about $80 million as of closing.
Based on the terms of the sale agreement, there is potential for Qurate to receive an earnout in future years, it said.
Qurate, which was called Liberty Interactive Corp. at the time, bought Zulily in 2015 for about $2.4 billion.
Qurate said the sale aligns with its “Project Athens” plan announced last year to optimize its brand portfolio.
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