On January 11, 2012, Indigo Books & Music (TSX: IDG) (Indigo) announced the completion of the sale of all outstanding shares of Kobo Inc. (Kobo) to Rakuten, Inc. (JASDAQ:4755) (Rakuten) for US$315 million. Kobo's management team will remain with the company, which will continue to be headquartered in Toronto.
The acquisition by Rakuten, one of the world's leading Internet service and e-commerce companies, provides Kobo with a strong growth opportunity to expand its footprint into new and expanding markets.
Kobo is a global eReading service with more than 2.5 million eBooks, magazines and newspapers.
Indigo is a book, gift and lifestyle, and specialty toy retailer in Canada.
Further information can be found on Canada Newswire’s website.