U.S. Markets open in 8 hrs 37 mins

Mecox Lane announces investment by Cnshangquan E-Commerce

Mecox Lane Limited announced that the company has been informed that certain existing shareholders entered into a definitive share purchase agreement dated January 29 with Cnshangquan E-Commerce Co, a Nanjing-based provider of integrated marketing platforms for businesses and consumers, pursuant to which Cnshangquan has agreed to purchase 290,564,842 ordinary shares of the company from several existing shareholders, representing approximately 63.7% of the issued and outstanding ordinary shares of the company, for a total cash consideration of approximately $39M in a private transaction intended to be exempt from the registration requirements under the Securities Act of 1933. The transactions contemplated by the share purchase agreement will result in a change in control of the company upon consummation.The share purchase and sale transactions are expected to close in 2Q14, subject to the satisfaction of customary closing conditions specified in the share purchase agreement, including certain PRC government approvals.