Zalando is set to snap up German online fashion platform About You as part of its plans to form a pan-European ecommerce platform.

The retailer said it intends to offer £5.35 (€6.50) per share, which represents a 12% premium on the current stock price and values the platform at £906m (€1.1bn).

Major About You shareholders Otto Group, Otto Family, Heartland and current management, which represent 73% of the company’s share capital, have entered into binding agreements to sell their shares through accepting the public offer or separately, to Zalando.

About You’s management and supervisory board also intend to recommend shareholders to accept the offer.

Zalando co-founder and co-CEO Robert Gentz said: “Redefining fashion and lifestyle shopping by creating the best possible experience for customers and partners has always driven both our teams.

“I’m excited about how together we’ll be able to cover a larger share of the fashion and lifestyle market.”

About You co-founder and co-chief executive Tarek Müller said: “This transaction creates something truly unique, with two distinct and independent B2C businesses serving the specific needs of their customers.

“At the same time, the complementary strengths of the B2B businesses will seamlessly align to deliver a comprehensive and optimized offer for clients in logistics, software and services.”

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