Japan's Rakuten buys French e-trade leader
Japan's largest Internet retailer Rakuten Inc has acquired PriceMinister for around 200 million euros (248 million dollars), the French e-commerce company said on Thursday.
It said Rakuten saw the deal as part of its international growth strategy and the PriceMinister founders had agreed to stay with the company for the next five years to help with the brand's development in France and Europe.
PriceMinister is best known for its buy-sell service for individuals but also trades in the automobile, property and travel sectors while offering email marketing services.
It says it has 12 million clients.
Rakuten chalked up sales of 3.2 billion dollars in its last business year and claims 64 million clients.
© 2010 AFP