Amazon Finalizes Zappos Deal Inc. announced Monday the completion of its acquisition of

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.”

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s