webmaster network (admin5.com) July 23rd news, Amazon said on Wednesday that the company will be about $850 million acquisition of sales of shoes based online retailer Zappos.com.
according to foreign media reports, Amazon will buy 10 million shares of Zappos.com. According to the average closing price for the first 45 days of July 17th, the deal was worth about $807 million. Amazon said it would pay $40 million worth of cash and shares to Zappos.com employees. The deal is expected to be completed in the fall.
Zappos.com was founded in 1999 to provide free delivery service. Amazon was founded in 2007 to sell shoes and bags based Endless, also provide free delivery service.
Amazon spokesman Clegg ·, said, Endless and Zappos will operate as a separate entity two. Berman did not comment on the impact of the economic crisis on Endless sales, whether the Zappos value has shrunk dramatically due to the economic crisis, and how to integrate the two companies ordering and logistics systems.
Zappos.com business and management team will remain unchanged, there is no layoffs. Zappos CEO Toni ·, Xie said in a letter to employees, we believe that Amazon’s resources, technology and operational experience will greatly enhance our growth rate."