Liberty Interactive Corp (NASDQ:QVCA) has announced its intention to acquire Zulily Inc (NASDAQ:ZU), in a deal valued at $2.4 billion.

Liberty Interactive hopes to take advantage of the online retailer’s younger clientele and its strong online presence.

Zulily, the women’s clothing website, counts Chinese giant e-commerce Alibaba as one of its shareholders. Liberty will be buying Zulily for $18.75 per share, or $9.375 in cash and 0.3098 newly issued share of Liberty Interactive for each Zulily share.

Zulily is trading up 45 percent on the news, with Liberty Interactive down 2 percent.