Friday, July 23, 2010
Buy.com Acquisition By Japanese Firm Completes
The acquisition of Aliso Viejo-based Buy.com by Japanese ecommerce firm Rakuten has completed, according to Rakuten. The firm, which said it would pay $250M for Buy.com in May, said the all-cash deal closed as of July 1st. The firm said Buy.com will remain headquartered in Aliso Viejo, under its existing executive management team and staff. The firm's first major move, post-acquisition was yesterday's announcement of an extension of its return policy to 45 days, up from the usual 30 days; the firm said it is specifically looking to challenge Amazon, Best Buy, Barnes & Noble, NewEgg and others with that move.