Kobo to be acquired by Japanese e-commerce giant for $315 million

Kobo, purveyor of eReaders and eBook software across a variety of platforms, announced on Tuesday that it will be acquired by Japan-based Rakuten. Rakuten will purchase 100% of outstanding shares of of Kobo for $315 million in cash. Based in Toronto, Ontario, Kobo was spun off of Canadian retailer Indigo in late 2009, and the company has struggled to compete against the likes of Amazon and Barnes & Noble in the eBook space. ”We are very excited about this next step,” said Rakuten CEO Hiroshi Mikitani in a statement. ”Kobo provides one of the world’s most communal eBook reading experiences with its innovative integration of social media, such as Facebook and Twitter; while Rakuten offers Kobo unparalleled opportunities to extend its reach through some of the world’s largest regional e-commerce companies, including Buy.com in the US, Tradoria in Germany, Rakuten Brazil, Rakuten Taiwan, Lekutian in China, TARAD in Thailand, and Rakuten Belanja Online in Indonesia, and of course, Rakuten Ichiba in Japan.” Kobo’s full press release follows below.

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