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Amazon to Purchase Chinese Retailer Joyo.com
Amazon.com agreed to buy Joyo.com which is China?s largest online retailer of books, music and videos. The agreed purchase will be at $75 million for Amazon to enter the world?s second largest populated Internet market.
Amazon will pay $72 million in cash and assume employee stock options to buy Joyo. The purchase, which will give Amazon its sixth international entity, follows suit in China as competitors such as Yahoo, eBay, and Google have been heavily investing in the Chinese market by acquisitions.
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