TORONTO – Toronto-based e-reader maker Kobo Inc. says its sale to Japan’s Rakuten, Inc. for US$315 million has closed.
The company, which had been majority owned by Indigo Books & Music Inc. (TSX:IDG), says it will continue to be headquartered in Toronto.
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It says the acquisition by the Tokyo-based e-commerce company provides it with an opportunity to expand its footprint into new and expanding markets.
The move comes as Kobo says it set new sales records in the recent holiday season.
It says e-reader and e-book sales more than doubled from the holiday period a year earlier.
Indigo says it received US$146 million from the proceeds of the sale.
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