Amazon closes $1.2 billion Zappos acquisition

This morning Amazon announced that they have officially closed their Zappos acquisition deal for a reported $1.2 billion. News of the acquisition first broke in July of this year, with the original evaluation set at $928 million.

Zappos CEO Tony Hsieh stated “I’m happy to say that we officially closed the deal at the split second between Halloween (10/31/09) and All Saints’ Day (11/1/09). From a practical point of view, we’ve switched out our previous board of directors with a new management committee that is composed of people from Zappos as well as Amazon.”

The Zappos management team will remain intact, and the company will continue to operate as a wholly-owned subsidiary. With Amazon’s closing price on Friday, 10/30/09 - the shares Zappos would get were then valued at roughly $1.2 billion. This represents a $272 million difference for Zappos.

TechCrunch

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Tags: amazon, zaposs stock, zappos, zappos acquisition, zappos amazon

This entry was posted on Monday, November 2nd, 2009 at 4:00 pm and is filed under Industry News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.