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.
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