UK-based online retail giant, Play.com, has just announced that they have been bought out by Japanese company Rakuten for the agreed fee of £25m.
Rakuten is Japan's largest online retail operator which has also aquired the French PrinceMinistry and Germany's Tradoria. CEO of Rakuten, Hiroshi Mikitani said that "The UK market is one of Europe's largest and most mature e-commerce markets.
"Play.com is not only a pioneer in the market, but also one of the UK's most successful e-commerce businesses," he continued. "We aim to leverage our e-commerce strength and experience to further expand and develop Play.com's business model and channel its loyal user base, merchants, and deep product offerings into Rakuten's global e-commerce network."