The deal for the Kobo e-reader closed today, with the Japanese technology giant Rakuten paying $315 million U.S. to Indigo Books and Music.
According to a story on Quill & Quire's blog, the Kobo management team remains in place and headquartered in Toronto. The deal was recently approved under terms of the Investment Canada Act.
CEO Michael Serbinis says in a Kobo release:
“While the transformation to digital reading is well underway, it is still in its infancy. As a part of Rakuten, we will accelerate our growth internationally, bringing new products, a leading eReading experience and a world class catalogue to passionate readers everywhere.”
- Kobo service offering two-week free trial of Canadian and U.S. titles, but no Canadian magazines
- Is Kobo e-reader a missed opportunity for magazines?
- Indigo cashes out of Kobo; CEO Reisman says Indigo will continue innovate changes