Amazon.com closes on Zappos.com acquisition

Seattle Amazon.com has closed on its acquisition of Zappos.com Inc., according to the Associated Press.

Amazon said in July that it would pay about 10 million shares of common stock for privately held Zappos.

At the time Amazon valued the deal at approximately $807 million, based on its average closing price in the 45 days that ended July 17. The company also said it would pay $40 million in cash and stock to Zappos employees.

Zappos' management will stay on at the business, and will continue to run independently at its Las Vegas headquarters, the report said.