eReading giants team up for eBooks and eReaders
Rakuten, the Toronto based eCommerce company, has announced that it intends to purchase Kobo - an eReading specialist, in a deal valued at $315m.
Kobo had become an increasingly potent competitor to Rakuten in recent years, launching a range of innovative eReaders and a wide range of eReading apps into the eBook marketplace.
Its acquisition marks a significant upscale in ambition by Rakuten as continues to expand its B2B2C borderless eCommerce system by providing downloadable media products to consumers.
Hiroshi Mikitani, chairman and CEO of Rakuten, said: "Kobo provides one of the world's most communal eBook reading experiences with its innovative integration of social media such as Facebook and Twitter; while Rakuten offers Kobo unparalleled opportunitiews to extend its reach through some of the world's largest regional eCommerce companies."