Japanese e-commerce firm Rakuten Inc said on Tuesday it would purchase U.S. Internet discounter Ebates Inc for $1 billion, extending an acquisition spree in a deal whose logic has been questioned by analysts and investors alike.The move underlines Rakuten's ambitions to grow overseas after recent international purchases worth over $1.2 billion. But shares in Japan's biggest e-commerce firm have fallen 5.4 percent since it said over the weekend it was considering the deal amid doubts about how it beds in another big acquisition.Hiroshi Mikitani, Rakuten's billionaire chief executive, said on Tuesday the purchase was an opportunity for his company to get access to Ebates' U.S. customers. The San Francisco-based firm operates websites handling rebates and coupons issued by retailers like Amazon.com Inc and Best Buy Co Inc .The deal is in line with Mikitani's plans to reduce Rakuten's reliance on the domestic market. Japan accounts for around 90 percent of revenues, but growth prospects are constrained by a shrinking population and weak consumer spending.
Amazon.com, Inc. (Amazon.com) serves consumers through its retail websites and focus on selection, price, and convenience. Shares of AMZN fell by 1.17% or $-4.04/share to $342.34. In the past year, the shares have traded as low as $284.38 and as high as $408.06. On average, 3619610 shares of AMZN exchange hands on a given day and today's volume is recorded at 2961543.
Best Buy Co., Inc. is a multinational, multichannel retailer of technology products, including tablets and computers, televisions, mobile phones, large and small appliances, entertainment products, digital imaging and related accessories. Shares of BBY fell by 0.77% or $-0.25/share to $31.95. In the past year, the shares have traded as low as $22.15 and as high as $44.66. On average, 4529630 shares of BBY exchange hands on a given day and today's volume is recorded at 5301633.
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