Hi AppNewser readers - we're now a part of Mediabistro's SocialTimes.com. For more great App news, reviews, guides and tips, head over to InsideMobileApps.

Rakuten/Kobo Acquisition Deal Closes

Japanese e-commerce company Rakuten has bought Canadian eBook company Kobo for $315 million in cash. The deal, which was announced in November, has now closed following customary closing conditions.

Kobo will continue to be based out of its Toronto headquarters and the management team will remain in place.

According to a press release issued by Kobo, the new ownership will help the company grow their business. Here is more: “The acquisition by Rakuten, one of the world’s leading Internet service and e-commerce companies, provides Kobo with a strong growth opportunity to expand its footprint into new and expanding markets.”

And business is growing. Christmas was Kobo’s busiest day ever for eBook downloads and  with several ebooks downloaded every second by readers in over 150 countries. Amazon and Barnes & Noble also did well on downloads during the holiday.

Related Stories
Mediabistro Course

Social Media 201

Social Media 201Starting October 13Social Media 201 picks up where Social Media 101 left off, to provide you with hands-on instruction for gaining likes, followers, retweets, favorites, pins, and engagement. Social media experts will teach you how to make social media marketing work for your bottom line and achieving your business goals. Register now!