Homeshop18 on Thursday entered into an agreement with home shopping network Shop CJ Network Pvt. Ltd to combine the businesses of both entities.
Homeshop18 is a subsidiary of Network18 Media & Investments, with SAIF Partners, GS Home Shopping South Korea and OCP as co-investors.
Shop CJ is an equal joint venture between South Korean home shopping company CJO Shopping Co. Ltd and P5 Asia Holding Investments (Mauritius) Ltd from the Providence Equity Partners group
Under the deal, shareholders of Shop CJ will be issued 25% equity in HomeShop18, making Shop CJ a subsidiary of HomeShop18.
Post the transaction, HomeShop18 will cease to be a subsidiary of Network18 Media & Investments Ltd; however, Network18 shall continue to be the largest shareholder in the combined entity.