Liberty Interactive Corporation, the parent company of QVC, has reached agreement on a deal to acquire the remaining 62 percent of HSN, Inc. it does not already own in an all-stock transaction valued at roughly $2.1 billion.

The deal bringing the two networks under one corporate umbrella will create the largest television home shopping company in the world as well as the third largest e-commerce company in North America behind Amazon.com and Walmart. HSN and QVC will continue to operate as independent companies once the deal is finalized pending regulatory and shareholder approval.

“By creating the leader in discovery-based shopping, we will enhance the customer experience, accelerate innovation, leverage our resources and talents to further strengthen our brands, and redeploy savings for innovation and growth,” said Mike George, QVC President and CEO, in a statement.

Liberty has identified five benefits it expects from the merger of the two companies:

  • Increased scale and synergies…