in $850M deal for Web shoe store Zappos

July 23, 2009

(AP) -- Inc. says it is buying Inc., an online shoe store, in a deal worth about $850 million.

Amazon says it will buy Zappos for about $807 million in stock, and also will pay $40 million in cash and stock to Zappos employees. The deal is expected to close this fall.

Zappos' management will continue to run the company from Las Vegas.

Amazon already operates its own shoe and handbag shop under the name

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