Aaaand sold! ContextLogic, which operates the American online retailer Wish, is set to sell their assets and liabilities to Singapore-based e-commerce company Qoo10 for $173M. 

• They’ll sell their assets to Qoo10 for $6.5 per share, according to a statement. 

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🤨 Who’s who

If you love discounts, then Wish is the place to hunt for them. They make it super easy to find bargains on car gear, beauty tools, baby items, office supplies, and more.

• Founded in 2010, Wish is active in over 60 countries in the world (not in Southeast Asia though), according to their website. 

Some more detail. ContextLogic IPO-ed in 2020 with a valuation of $14.1B. But…since Temu and Shein came into the picture, things haven’t been great. 

• This deal comes after ContextLogic’s shareholders, specifically Cannell Capital, expressed dismay over the company’s ’abysmal results’ post-IPO.

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🔟 Hey, Qoo10

Meanwhile, Qoo10 is a Singapore-headquartered e-commerce platform that has localized marketplaces across Singapore, Indonesia, Malaysia, China, and Hong Kong. 

• The firm acquired Indian e-commerce player, ShopClues in an all-stock deal in 2019.

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🔜 What now? 

The deal is still waiting for final approval from ContextLogic’s shareholders but is expected to be completed by mid-year. 

• Oh, and the ContextLogic will remain as an entity holding proceeds from the deal.