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Rakuten to Acquire Play.com
Rakuten Inc. and Play.com have announced that they have entered into a agreement under which Rakuten will acquire UK e-commerce site Play.com for approximately £25 million. The agreement has been approved by the board of directors of Rakuten.
The acquisition represents a significant step in Rakuten's continued European and Global expansion and marks the company's third acquisition in Europe, joining French e-commerce pioneer PriceMinister, acquired in 2010, and the rapidly expanding German online shopping mall, Tradoria, which joined the Rakuten Group in July of this year. Rakuten now operates e-commerce businesses in ten countries globally, including Japan.
The UK's e-commerce industry is the largest in Europe and is expected to exceed $58.0 billion by 2014, by which time it is expected to have 55.0 million online users.
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