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eReading giants team up for eBooks and eReaders

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By John Glenday, Reporter

November 9, 2011 | 1 min read

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."

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