Amazon Buys Zappos Becomes Shoe Salesman

Posted: Jul 23 2009, 6:19am CDT | by , Updated: Aug 11 2010, 3:27pm CDT, in News | Technology News

 
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Amazon follows Al Bundy's footsteps and becomes a shoe salesman with the purchase of Zappos. Zappos is actually a pretty big ecommerce operation considering the high price Amazon is will to put on the table for it.

Under the terms of the agreement, Amazon will acquire all of the outstanding shares and assume all outstanding options and warrants of Zappos in exchange for approximately 10 million shares of Amazon common stock, equal to approximately $807 million based on the average closing price for the 45 trading days ending July 17, 2009.
In addition, Amazon will provide Zappos employees with $40 million in cash and restricted stock units. Subject to various closing conditions, the acquisition is expected to close during the Fall of 2009.

Following the acquisition, the Zappos management team will remain intact and Zappos will operate its successful brand, customer experience and unique culture of service independently with headquarters in Las Vegas, NV.
Via this Amazon announcement.

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The Author

<a href="/latest_stories/all/all/2" rel="author">Luigi Lugmayr</a>
Luigi Lugmayr () is the founding chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com.

 

 

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