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Old 21-08-2004   #1 (permalink)
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Amazon To Purchase Chinese On-line Retailer

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Amazon.com Inc. has agreed to buy Joyo.com, China's largest on-line retailer of books, music and videos, for $75-million (U.S.) to gain access to the world's second-biggest Internet market.

Amazon.com, the world's largest Internet retailer, will pay $72-million in cash and assume employee stock options to buy the company. Closely held Joyo.com, which is headquartered in Beijing, operates two websites in co-operation with Chinese subsidiaries and affiliates, Seattle-based Amazon said.

Read the full story @ TheGlobeAndMail
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