Homegrocer.com Merges with Webvan
Webvan will acquire HomeGrocer.com in a stock-for-stock transaction. The transaction is valued at approximately $1.2 billion, based on last Friday's closing price of $8.72 per share of Webvan stock.
The combined company will operate under the name Webvan Group, Inc.
Webvan and HomeGrocer currently operate in nine major metropolitan areas. As a result of the merger, Webvan expects to serve 13 metropolitan areas by the end of the year.
