Sold, snapped up for £25 million

If you a resident of the UK and regularly purchase media and gadgets online, you would have heard of the online retailer The retailers is one of the biggest of its kind in the country, and offers consumers a sometimes cheaper alternative to the shopping malls when purchasing things such as DVDs and games. Now we have news that it has been sold, and was snapped up for a cool £25 million.

According to TechRadar the online retailer is going to be taken over by a Japanese e-commerce company called Rakuten. The news has been announced this morning with the two companies entering a “definitive agreement”. The takeover by the Japanese company will cost them £25 million in cash or around 3.3 billion yen.

Talking about the deal Chairman and CEO of Rakuten, Hiroshi Mikitani, stated “The UK market is one of Europe’s largest and most mature e-commerce markets.” He added that he felt that was “a pioneer” in the field, and was a leading UK online business.

Mikitani said his company will use their experience and strength to expand and improve, and “channel its loyal user base, merchants, and deep product offerings into Rakuten’s global e-commerce network.”

The online retailer currently has around fourteen million registered customers, and since it was first launched in 1998 it has proved to be highly successful. It may have not reached the levels of rival Amazon, but £25 million doesn’t seem a lot to pay for the business. It now offers a variety of products including smartphones and accessories, alongside media content.

Earlier this year the site was the target of hackers, and warned users to change their passwords following online leaks. Are you a customer of Do you think prices may go up following the takeover?

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Written by Gary Johnson

Gary has a background in engineering and passion for motorcycles, gadgets, and home cinema. In his early years, his obsession for Hi-Fi technology would see him creating the perfect setup with a good ear for sound quality. While Gary is keen to write about most topics that PR covers, his love for phones finds him reporting a lot of news about applications for iPhone, Android, and other popular operating systems

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