The Barcelona based ecommerce site, Privalia, has been sold to France’s Ventee-Privee for a reported €500 million. Privalia said that the acquisition presents a new opportunity for the company to strengthen its position in the competitive European retail landscape, and is looking forward to moving forward.

“We are excited to join the creator of the online flash sales concept. This alliance will enable us to accelerate our growth and expand our offerings to new sectors, which our members will benefit from,” said Lucas Carne, co-founder, Privalia.

Privalia will continue to run as a separate brand, while Ventee-Privee benefits from increased market growth due to consolation.

“This new expansion reflects our continued active approach to the European deployment, which began in 2015,” said Jacques-Antoine Granjon, CEO and founder, Vente-Privee.