Friday, August 08, 2008

Amazon Acquires

by Jim Milliot -- Publishers Weekly, 8/1/2008 7:47:00 AM

Amazon has reached an agreement to acquire AbeBooks, the British Columbia-based online marketplace that has over 110 million titles for sale through its bookseller network. The purchase, which is expected to close in the fourth quarter, will strengthen Amazon's already dominate position in the used book field. Terms weren't disclosed.

Founded 12 years ago, Abe offers used, rare and out-of-print titles for sale through its various Web sites around the world. According to Amazon, Abe will continue to act as a standalone operation based in Victoria, British Columbia under the direction of its current president and CEO Hannes Blum. "As a leader in rare and hard-to-find books, AbeBooks brings added breadth and expanded selection to our customers worldwide," said Russell Grandinetti, v-p of books for Amazon. In a letter to its booksellers, Blum called the deal "a major landmark" for the Abe, and said that being part of Amazon will provide "more opportunities for future growth." Hannes said a bookseller roundtable will be held August 7 to answer bookseller questions about what the deal means for the future.

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