Buy.com Acquires Wireless Phone Retailer
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Internet retailer Buy.com Inc., moving to add another category of products to its Web site, said Thursday it agreed to acquire an Internet retailer of wireless phones, service and accessories, for stock worth $8 million.
Aliso Viejo-based Buy.com said it will issue 1.6 million shares to acquire Telstreet.com in Indianapolis. Buy.com will receive all of Telstreet’s outstanding capital stock and options. Buy.com said it may reduce the number of shares it issues under certain circumstances.
The company’s Web site already includes computer products, software, consumer electronics, books, music, videos and DVDs, games, golf, travel and clearance items.
Buy.com’s stock was unchanged Thursday, closing at $5 a share, in Nasdaq trading.
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