Nu Skin Enterprises, Inc. will acquire Big Planet, a Provo, UT-based Internet-based technology company that offers e-commerce and other technology services to consumers in the United States.
Nu Skin will also acquire the assets of Nu Skin USA, Inc. (including approximately 600,000 shares of Nu Skin Enterprises stock) and the company’s remaining affiliates in Canada, Mexico and Guatemala. Nu Skin Enterprises will purchase these affiliates for approximately $40 million in cash, $14 million in a three-year note and the assumption of certain liabilities.
The North American market and Big Planet acquisitions are expected to close in 30 and 90 days, respectively.
Big Planet provides communications and technology products and services for individuals and small businesses. In its first partial year of operations, Big Planet generated approximately $16 million in revenue through the sale of Internet service, e-commerce, telecommunication products and services, unified messaging and education products. Big Planet’s president, Richard King will report directly to Nu Skin Enterprises’ chief executive officer, Steven J. Lund
“We are excited to bring Big Planet into Nu Skin Enterprises because it provides a center for technology development that can be adapted and used across all the company’s divisions,” said Lund in a statement.
Nu Skin Enterprises, Inc. is a direct selling company. Nu Skin products are sold in 27 countries throughout Asia, Europe, North America, South America and the Pacific.