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Kobo purchased for US$315 million

09 Nov 11

Toronto-based ereader manufacturer Kobo is to be purchased by Japanese firm Rakuten Inc for US$315 million.

The deal is expected to close in early 2012, with the company to continue to operate out of the Canadian city. 

Kobo’s ereader devices are sold here by Whitcoulls. The platform has about 5 million users worldwide, half of those in the US.

Michael Serbinis, Kobo CEO, says in a statement that the purchase will allow Kobo to diversify quickly into other countries and e-commerce categories.