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Amazon.com closes on Zappos.com acquisition
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SEATTLE - Amazon.com Inc. said Monday that it closed on its acquisition of online apparel and footwear company Zappos.com Inc.
The Web retailer said in July that it would pay about 10 million shares of common stock for privately held Zappos. At the time Amazon valued the deal at approximately $807 million, based on its average closing price in the 45 days that ended July 17. The company also said it would pay $40 million in cash and stock to Zappos employees.
Zappos' management will stay on at the business, which will continue to run independently at its Las Vegas headquarters.
Shares of Amazon.com fell 64 cents to $118.17 in afternoon trading.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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