August 19, 2004, 12:00 AM

Amazon to acquire largest e-retailer in China of books, music and videos

Showing no limits to its growth plans, geographically or otherwise, Amazon said today it plans to pay about $75 million to acquire Joyo.com Limited, which operates the two largest online retailers in China that sell books, music and videos.

Showing no limits to its growth plans, geographically or otherwise, Amazon.com Inc. said today it plans to pay about $75 million in cash and the assumption of employee stock options to acquire Joyo.com Limited, which operates the two largest online retailers in China that sell books, music and videos.

Joyo.com Limited, which is based in British Virgin Islands, operates Joyo.com and Joyo.com.cn, in association with Chinese subsidiaries and affiliates. Joyo.com becomes Amazon’s seventh web site operation outside of the U.S. and will bring Amazon in contact with more than 80 million online consumers in China, Amazon said.

"I am confident that Amazon.com`s expertise in global e-commerce, in combination with Joyo`s entrepreneurial management team and employees, will bring the development of e-commerce and online customer experience in China to a new level," said Lei Jun, founder and chairman of Joyo.com and president of Kingsoft Holdings Limited, the largest shareholder of Joyo.com.

Amazon, No. 1 in Internet Retailer’s Top 300 Guide to Internet Retailers, said the deal is expected to close in the third quarter, but that it does not expect it to have a material impact on Amazon’s net sales or operating profit in the current fiscal year.

 

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