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Amazon.com Buying Largest Online Book Retailer In China

WebProNews
Staff Writer
Published: 2004-08-19

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Amazon.com today announced that it has entered into a definitive agreement to acquire Joyo.com.

Joyo.com is a British Virgin Islands Company, which operates the Joyo.com Web sites -- www.joyo.com and www.joyo.com.cn -- in cooperation with Chinese subsidiaries and affiliates. The Joyo.com Web sites are the largest online retailers of books, music and videos in China.

Founded in 2000, Joyo.com offers customers a wide selection of books, videos and DVDs, music, software, toys and gifts, among other products. Through this acquisition, Amazon.com will blend Joyo.com's expertise in serving the Chinese market with Amazon.com's experience as one of the world's leading online retailers. This combination will allow Joyo.com to improve its customer experience and grow its business.

"Becoming a part of the Amazon family is great news for our customers," said Lin Shuixing, president of Joyo.com Limited. "Amazon.com has always put the customer at the center of everything it does, and we look forward to making Joyo.com even better for our customers in the time to come."

"This transaction is a recognition of Joyo's accomplishments over the past four years," said Lei Jun, founder and chairman of Joyo.com and president of Kingsoft Holdings Limited, the largest shareholder of Joyo.com. "I am confident that Amazon.com's expertise in global e-commerce, in combination with Joyo's entrepreneurial management team and employees, will bring the development of e-commerce and online customer experience in China to a new level."

Joyo.com will become Amazon.com's seventh global Web site. Amazon.com's entry into China will allow it to service the more than 80 million consumers already online in China.(1)

"We are very pleased to be entering the Chinese market with Joyo.com," said Jeff Bezos, founder and CEO of Amazon.com. "In a relatively short time, Joyo.com has established itself as the leading online destination for books, music and videos in China, and we're happy to be part of one of the world's most dynamic markets."

"It is extremely gratifying to have a world-class company like Amazon.com recognize the value of Joyo.com's opportunity in China," said Liu Chuanzhi, chairman of Legend Capital, one of the largest shareholders of Joyo.com. "We look forward to watching Joyo.com become even more successful as part of Amazon.com."

The transaction is valued at approximately $75 million, including approximately $72 million in cash and the assumption of employee stock options. The transaction is expected to close in the third quarter 2004, although it is subject to customary closing conditions.

Amazon.com does not expect the acquisition to have a significant impact on net sales or operating profit in third quarter 2004 or fiscal 2004.

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