Photo: Associated Press
It’s official: Amazon just announced the acquisition of Quidsi, the parent of Diapers.com and Soap.com. Amazon will pay $500 million in cash, and assume $45 million in debt and other obligations.Here’s the release:
Amazon.com, Inc. (NASDAQ: AMZN) today announced that it has reached an agreement to acquire Quidsi, Inc., which operates Diapers.com, an online baby care specialty site, and Soap.com, an online site for everyday essentials.
“I’m not sure which is more unpleasant—changing diapers, paying too much for them, or running out of them,” said Jeff Bezos, Founder and CEO of Amazon.com. “This acquisition brings together two companies who are committed to providing great prices and fast delivery to parents, making one of the chores of being a parent a little easier and less expensive.”
“Amazon shares our commitment to the customer,” said Marc Lore, Co-Founder, Chief Executive Officer and Chairman of Quidsi. “We are excited to be part of a company that will help us to serve an even larger audience, and we will continue delivering unexpectedly great service that makes life a little easier – that is our mission.”
“Amazon is a pioneer,” said Vinit Bharara, Co-Founder and Chief Operating Officer of Quidsi. “Amazon is built on a culture of innovation and long-term vision. Quidsi is driven by these same core values, and we look forward to joining forces.”
Following the acquisition, Quidsi will continue to operate independently under its current leadership team.
In addition to Diapers.com and Soap.com, Quidsi recently launched BeautyBar.com, a prestige beauty boutique.
Under the terms of the agreement, which has been approved by Quidsi’s stockholders, Amazon will acquire all of the outstanding shares of Quidsi for approximately $500 million in cash, as adjusted for the assumption of options and warrants, and also assume approximately $45 million in debt and similar obligations. Subject to various closing conditions, the acquisition is expected to close in December 2010.