Amazon.com to Buy China’s Joyo.com
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Amazon.com Inc. agreed to buy Joyo.com, China’s largest online retailer of books, music and videos, for $75 million to gain access to the world’s second-biggest Internet market in terms of users.
Amazon.com will pay $72 million in cash and assume employee stock options to buy the company.
The purchase, which will give Seattle-based Amazon.com its sixth international website, follows investments in China by competitors Yahoo Inc. and EBay Inc. Amazon.com is trying to grab a share of the estimated 27.7 million online shoppers in China.
Shares of Amazon fell 73 cents to $38.63 on Nasdaq.
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