Amazon Finalizes Zappos Deal

Amazon.com Inc. announced Monday the completion of its acquisition of Zappos.com.

The Seattle-based online retailer first went public in July with a plan to buy Zappos for 10 million shares of Amazon stock. Tony Hsieh, CEO of Zappos, said in a statement posted on the company’s blog on Monday that those shares were worth roughly $1.2 billion at the time of the close on Friday.

Amazon has said that Zappos will be allowed to continue operating independently out of its headquarters in Henderson, Nev. Hsieh added, “From a practical point of view, we’ve switched out our previous board of directors with a new management committee that is composed of people from Zappos as well as Amazon.”