PFSweb soars on $250 mln sale of LiveArea business

PFSweb

06/07/2021 16:24

** Shares of e-commerce services provider  PFSW.O  rise 36%
to a three-year high of $10.30 - set for their best day in more
than 11 years
    ** PFSweb says it has agreed to sell LiveArea, its customer
experience and commerce agency business, to Dentsu Group-owned
 4324.T  peer Merkle for about $250 mln  urn:newsml:reuters.com:*:nGNX4TLZb6
    ** PFSW expects to use a portion of the net proceeds, along
with existing cash on hand, to pay down in full its senior
financing facilities
    ** LiveArea brought in revenue of about $85 mln on a
standalone basis for the 12 months ended March 31 - PFSW
    ** The deal is expected to close in the third quarter of
2021 
    ** PFSW shares have jumped 53% this year

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