Mergers and Acquistions News
Categories: Media & Information Services, IT Services & Consulting, Software
June 18th 2010, 16:18PM
Online shopping company Rakuten has agreed a definitive acquisition of French shopping platform PriceMinister, it has been announced.
The Japanese online shopping giant is to pay around €200 million (£167 million) for all of PriceMinister's shares.
Rakuten has around 64 million registered members and sales in 2009 totalled $3.2 billion (£2.2 billion). Its core business - Rakuten Ichiba - is the largest online shopping platform in Japan.
PriceMinister, founded in 2000 and based in France, also has operations in the UK and Spain.
Pierre Kosciusko-Morizet, founder, chairman and chief executive officer of PriceMinister, said: "Rakuten has deep knowledge of how to build beneficial relationships with merchants and consumers and we see a huge opportunity for PriceMinister to grow even faster by combining our respective strengths.
"They will help us introduce innovative tools tailored to meet a variety of needs of corporate sellers throughout Europe."
Rakuten recently expanded its sphere of operations into the US with the acquisition of Buy.com.
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