ChannelAdvisor To Be Bought By CommerceHub For $23.10/share; ChannelAdvisor Up In Pre-market

(RTTNews) - CommerceHub, a privately held commerce network, and ChannelAdvisor Corporation (ECOM), a provider of cloud-based e-commerce solutions, said on Tuesday that they have inked a deal to allow CommerceHub to acquire ChannelAdvisor, for $23.10 per share in cash.

The sum represents a premium of around 57 percent over the company's closing stock price on September 2, the last full trading day prior to agreement.

Post acquisition, expected to be completed in 2022, ChannelAdvisor will become a privately held firm.

The proposed merger will allow the retailers to access more number of brands, with over 18,000 customers transacting over $50 billion in gross merchandise value, and more than $500 million in digital marketing and retail media ad spend annually across the combined network.

The transaction is led by the software investor and current shareholder of CommerceHub, Insight Partners.

ChannelAdvisor is trading up by 54.42 percent at $22.70 per share in pre-market on the New York Stock Exchange.