Japanese retailer, Rakuten, who is ranked among the top ten largest Internet companies in the world, has bought U.K Entertainment Store Play.com in a deal worth £25 million.
Rakuten’s online shop is ranked second in Japan with only Yahoo! bringing in more hits, while the Rakuten Group runs businesses ranging from travel operators to consumer credit services.
Rakuten chairman Hiroshi Mikitani explained why it swooped for the UK store: "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. 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."
The takeover follows the acquisition of German online shopping retailer, Tradoria and the French online electronic commerce website PriceMinister.com.