Israel's Global-e to buy smaller e-commerce rival, shares jump

Global-E Online

24/11/2021 15:51

** Shares in Israeli e-commerce platform  GLBE.O  rise 8.9%
to $57.37
    ** GLBE says it has agreed to buy e-commerce services
provider Flow Commerce in a $500 million cash-and-stock deal, as
it aims to reach smaller merchants it currently does not serve
 urn:newsml:reuters.com:*:nGNX9V7qsz
    ** Flow is expected to bring in around $20 million in net
revenue in 2021 - GLBE
    ** The deal, expected to close in the first quarter next
year, will allow GLBE to expand its relationship with Shopify
 SHOP.TO  to offer certain services to a broader set of
merchants - co
    ** GLBE also agrees to issue a warrant for around $70
million in shares to SHOP 
    ** U.S.-listed SHOP shares up 2.3% at $1,609.83
    ** GLBE shares have more than doubled in value from their
May U.S. IPO price

 (Reporting by Praveen Paramasivam)
 ((Praveen.Paramasivam@thomsonreuters.com;))