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Play.com has been bought by Japanese e-commerce firm Rakuten for £25m in cash.
The move is part of the company's European expansion plan, with Play.com the third company it has bought during the last two years. The deal is expected to be completed by early October 2011. Rakuten operates e-commerce businesses across 10 countries, including Japan.
Hiroshi Mikitani, chairman and c.e.o. of Rakuten, said: "The UK market is one of Europe's largest and most mature e-commerce markets. Play.com is not only a pioneer in the market, but also one of the UK's most successful e-commerce businesses.
"We aim to leverage our e-commerce strength and experience to further expand and develop Play.com's business model and channel its loyal user base, merchants, and deep product offerings into Rakuten's global e-commerce network."
Play.com was founded in 1998, initially selling CDs and DVDs. In April, the retailer announced it was seeking investment for European expansion.