Retail
Amazon Becomes Shoe Deity, Takes Over Zappos (AMZN)
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This will seem like a no-brainer when you consider it. Amazon.com Inc. (NASDAQ: AMZN) is acquiring online shoe leader Zappos.com in a deal said to be worth some $807 million consideration after shares, options, and warrants. The deal calls for 10 million shares of Amazon.com, and $40 million in cash to go to Zappos.com employees along with restricted stock units.
The deal is subject to closing conditions and is expected to close this Fall. Zappos’ management team will remain intact and will operate independently at its headquarters in Las Vegas.
Frankly, this is one of those mergers that you just can picture easily a million miles away. It just makes you wonder which other specialty online retailers will be acquired by Amazon down the road.
Amazon stock closed down 0.25% at $88.79 and is down by roughly the same amount in the after-hours session.
JON C. OGG
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