"Earth's Biggest Selection" is getting bigger.
Retail giant Amazon.com Inc. said Wednesday that it would acquire Zappos.com Inc., an online footwear and apparel company, in a deal valued at $807 million in stock.
The acquisition would expand Amazon's empire by about 3 million products, including shoes, dresses, handbags and accessories.
The Seattle company is one of the world's biggest online retailers -- hence the "Earth's Biggest Selection" slogan.
Under the agreement, Amazon would acquire the company in exchange for 10 million Amazon shares. The stock transaction is worth about $807 million based on Amazon's average closing price for the 45 trading days ended July 17, the company said.
In addition, the buyer would give Zappos employees $40 million in cash and restricted stock units.
"Zappos is a customer-focused company," said Jeff Bezos, founder and chief executive of Amazon. "We see great opportunities for both companies to learn from each other and create even better experiences for our customers."