Rakuten Inc. of Japan has completed its purchase of online retailer Buy.com for $250 million in cash. Sellers included Clearlake Capital Group, which bought a 9% stake in Buy.com three years ago.
Buy.com, The Internet Superstore™, today announced that Rakuten, Inc., Japan‘s leading Internet company, has closed an all-cash sales transaction to acquire Buy.com, effective July 1, 2010.
Buy.com will continue its mission of being a destination site that stands for the best of online shopping as a wholly-owned subsidiary of Rakuten, and will remain headquartered in Aliso Viejo, Calif. Rakuten will retain Buy.com’s executive management team and staff.
With more than 14 million customers, Buy.com is a leading retail marketplace, focused on providing its customers with a great shopping experience and a broad selection of retail goods at everyday low prices. Buy.com offers millions of products in a range of categories, including consumer electronics, computer hardware and software, cell phones, books, music, DVDs, games, toys, bags, fragrance, home and outdoor, baby, jewelry, shoes, apparel and sporting goods. Founded in June 1997, Buy.com is headquartered in Aliso Viejo, Calif.
Buy.com® and The Internet Superstore™ are trademarks of Buy.com Inc.
In Japan, Rakuten has approximately 64 million registered members and sales in 2009 totaled US$3.2 billion. Its core business “Rakuten Ichiba” is Japan‘s largest Internet shopping mall and offers more than 50 million products by over 33,000 merchants, some of whom have turnover of more than US$1 million per month. In addition to its Internet shopping mall, Rakuten, which has more than 6,000 employees, is engaged in other Internet businesses such as travel agency and financial services.