Mergers and Acquistions News
Categories: Media & Information Services
May 20th 2010, 12:21PM
Japanese internet company Rakuten has signed a definitive agreement under which it will acquire US retail site Buy.com, a combination that will lead to the formation one of the world's biggest online retail marketplaces.
The acquisition, which has been valued at approximately $250 million (£173 million) is expected to enhance Rakuten's expansion plans as it aims to create a global online trade network.
Buy.com was the first online retailer to offer enhanced shopping services like BuyTV and has experienced profitable growth for three consecutive years.
"As a company, Buy.com shares our vision for the future of ecommerce - as a platform to give consumers the best value no matter their location and to merge shopping with entertainment," commented Hiroshi Mikitani, chief executive officer of Rakuten.
Earlier this year, Rakuten signed a join venture agreement with Chinese search company Baidu to jointly invest $50 million (£34.7 million) in an online shopping mall in China.
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