Seattle-based Internet retailer Amazon.com said today it has reached an agreement to buy online shoe vendor Zappos.com in a stock deal valued at nearly $900 million.
Amazon said it will buy all the Nevada company for about 10 million shares of its stock — worth $895 million based on yesterday’s closing price of $89.50 per share.
Amazon also said it will pay Zappos employees $40 million in cash and restricted stock.
The deal is expected to become final in the fall, Amazon said. It will keep the Zappos management team as well as its Las Vegas headquarters.
- Man shot dead in South Seattle while on phone with mom
- Seattle company copes with backlash on $70,000 minimum wage
- Higher wages a surprising success for Seattle restaurant Ivar's
- Impressions from Day 2 of Seahawks' training camp
- Costco purchases land in southeast Redmond for long-delayed project
Most Read Stories
Amy Martinez: 206-464-2923 or firstname.lastname@example.org