Amazon.com acquires Quidsi Inc. for $500 million

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Amazon.com acquires Quidsi Inc. for $500 million

2010-11-09 10:20:27 GMT+7 (ICT)

SEATTLE (BNO NEWS) -- Amazon.com on Monday announced that it reached an agreement to purchase Quidsi Inc. for $500 million for its two sites, Diapers.com, an online baby care specialty site, and Soap.com, an online site for everyday essentials.

"This acquisition brings together two companies who are committed to providing great prices and fast delivery to parents, making one of the chores of being a parent a little easier and less expensive," said Jeff Bezos, Founder and CEO of Amazon.com.

The Seattle-based company announced that Quidsi will continue to operate independently under its current leadership team. The purchase was agreed as it will help Quidsi and its two sites to reach a larger audience.

Marc Lore, Co-Founder, Chief Executive Officer and Chairman of Quidsi, said that the company will continue to deliver the same great service as ever that makes everyday life easier. He added that Quidsi and Amazon share the same commitment towards its customers.

"Amazon is a pioneer," said Vinit Bharara, Co-Founder and Chief Operating Officer of Quidsi. "Amazon is built on a culture of innovation and long-term vision. Quidsi is driven by these same core values, and we look forward to joining forces."

The agreement has already been approved by Quidsi's stockholders. Under the deal, Amazon will acquire all of the outstanding shares of Quidsi for $500 million in cash and will also assume the $45 million debt and similar obligations.

The purchase will finalize in December 2010. In addition to Diapers.com and Soaps.com, Quidsi recently launched BeautyBar.com, a prestige beauty boutique. Quidsi is dedicated to make life easier by creating a better e-commerce experience, delivering within two days, and providing extraordinary customer service.

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