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Amazon buys shoe shop for $847m

Online retailer snaps up Zappos

Amazon is buying online shoe and apparel retailer Zappos.com for $847 million in cash and stock.

Zappos.com offers more than 2.8 million products for sale, including shoes, jewelry, housewares, backpacks and clothing. Launched in 1999, the company had more than $1 billion in sales in 2008, according to its website.

Under the terms of an agreement, Amazon will acquire all outstanding shares and assume all outstanding options of Zappos in exchange for approximately 10 million shares of Amazon common stock. Those Zappos shares are worth about $807 million. In addition, Amazon will give Zappos employees about $40 million in case and restricted stock.

The companies expect the deal to close late this year.

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