Rakuten to acquire Ebates
Japanese e-commerce giant Rakuten is to acquire Ebates, the US based cash-back shopping website, in a $1 billion deal.
Ebates rewards shoppers with cash back on purchases while also providing access to coupons, discounts, promotions and special deals at over 2,600 retailers. In 2013, its members spent over $2.2 billion shopping through the site.
Rakuten founder and chief executive Hiroshi Mikitani said: “Combined, Rakuten and Ebates will be able to offer our members access to what will undoubtedly be the world’s largest selection of products across the broadest range of categories. It will also give our members the greatest incentives to keep shopping.”
Ebates chief executive Kevin Johnson added: “Joining forces with Rakuten will help accelerate our US and international growth and provide deeper and richer shopping experiences for our members.”
Rakuten will hold 100% of Ebates’ outstanding voting stock.
