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Originally published July 22, 2009 at 1:38 PM | Page modified July 22, 2009 at 1:58 PM

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Amazon to buy shoe site Zappos for almost $900 million

Seattle-based Internet retailer Amazon.com said today it has reached an agreement to buy online shoe vendor Zappos.com in a stock deal valued at nearly $900 million.

Seattle Times business reporter

Seattle-based Internet retailer Amazon.com said today it has reached an agreement to buy online shoe vendor Zappos.com in a stock deal valued at nearly $900 million.

Amazon said it will buy all the Nevada company for about 10 million shares of its stock — worth $895 million based on yesterday's closing price of $89.50 per share.

Amazon also said it will pay Zappos employees $40 million in cash and restricted stock.

The deal is expected to become final in the fall, Amazon said. It will keep the Zappos management team as well as its Las Vegas headquarters.

Amy Martinez: 206-464-2923 or amartinez@seattletimes.com

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