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Amazon buying hot online shoe shop Zappos.com
0 Comments | AFP, July, 2009
SAN FRANCISCO (AFP) — Online retail giant Amazon announced Wednesday that it was purchasing popular Internet shoe shop Zappos.com in a stock and cash deal valued at nearly 850 million dollars.
Amazon said it expects the transaction to be complete by the end of this year.
"Zappos is a customer-focused company," said Amazon founder and chief executive Jeff Bezos.
"We see great opportunities for both companies to learn from each other and create even better experiences for our customers."
Amazon described Zappos as a "leader in online apparel and footwear sales."
Under the terms of the deal, Amazon will get all shares of Zappos stock in exchange for 10 million shares of Amazon stock valued at 807 million dollars based on an average of share prices in the...
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