RealTime IT News

When Pigs Fly

Asia.com + Lohoo.com, eGain Communications + Nitman Software, Move.com + HouseNet.com, QSound Labs + Choicemall.com, TheSpot.co.au + FlyingPig.co.nz, Vizacom + Silk Road Interactive

 TheSpot.com.au to merge with FlyingPig.co.nz


   *  Amount:         Undisclosed


   *  Terms:            n/a

   *  Premium:        n/a


   *  Industry:        E-tailers


   *  Scorecard:      B-


    SYDNEY, May 18--Online retailer TheSpot.com.au said it planned to merge with New Zealand e-tailer FlyingPig.co.nz. FlyingPig would have 37% of the merged firm, with TheSpot, which plans a further round of capital raising later this year, holding the remaining 63%. Through an alliance with bricks and mortar book retailer Angus & Robertson Bookworld, the merged company plans to become the region's largest online book seller.

    F2 Investments, a 50/50 venture between f2 and U.S. Internet retailing giant Amazon.com , currently holds around 20- 25% of TheSpot, but its stake would be scaled back to around 15-20% after the merger.