KarstadtQuelle, one of Germany's biggest and oldest retailers, said Wednesday it acquired shopping channel Home Shopping Europe GmbH & Co., from its New York-based owner.
The Essen-based retailer will pay about 145 million euros ($196.59 million) in treasury shares for the channel, known as HSE24, with an exact figure determined when the deal closes. The company said another payment of around 55 million euros ($74.57 million) after three years will be made to InterActiveCorp, linked to Karstadt's share price.
The channel will become part of the retailer's mail order group Primondo.
HSE24 posted sales of approximately 286 million euros ($387.76 million) in 2006 and has some 1.3 million customers. The channel reaches more than 39 million households in Germany, Austria and Switzerland via cable and satellite.