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Amazon To Acquire Online Retailer Woot.com

Amazon has announced that it has signed an agreement to acquire Woot.com, Reuters has reported.

Amazon, the largest online retailer in the world, says its acquisition of the Texas-based deal-a-day web-based retailer will pave the way for long-term growth.

Woot seems tremendously excited by the acquisition - a post on the company's website read: "Holy crap! Woot has signed an agreement with Amazon - yes, the Amazon - to become an independent subsidiary of the e-commerce colossus. More details forthcoming after we pick our eyeballs up off of the floor."

In a letter to his employees, Woot.com CEO Matt Rutledge insisted that the acquisition will not alter the culture of the company.

He wrote: "Amazon is interested in us because they recognise the value of our people, our brand, and our unique style of deep-tissue, toxin-releasing massage."

Amazon is yet to disclose the financial details of the takeover, but says that the deal is expected to be finalised by September this year.