Internet "superstore" Buy.com has completed the acquisition of Telstreet.com, an online retailer of wireless phones, service and accessories. The acquisition adds a new product category to buy.com's existing Web site, which already includes computer products, software, consumer electronics, books, music, videos and DVDs, games, golf, sports clearance items and a business superstore.
In connection with the acquisition, Aliso Viejo, Calif.-based buy.com issued an aggregate of approximately 1.36 million shares of its common stock in exchange for all of the outstanding capital stock and options of Telstreet. A portion of the shares will be held in escrow pursuant to the terms of the acquisition agreement. The merger will be accounted for under the purchase method of accounting.