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Japanese online retailer Rakuten announced that it had closed a transaction to acquire a 75% stake in Brazilian provider of e-commerce services Ikeda.
The acquisition - for which no price was disclosed - represents a further step in Rakuten's goal to expand its business model, designed to give more power to traders and customers around the world, the company said in a statement. The move is also its first push into South America's largest economy, holding 40% of the region's internet users.
Last year, the company bought US online retailer Buy.com for US$250mn and French internet marketplace PriceMinister for US$263mn.
Brazil will become the seventh overseas market in which Rakuten operates, and the company has said it aims to eventually enter 27 countries around the world.
Ikeda will change its company name to Rakuten Brazil.
In the three months ended March 31, Rakuten posted a 1.4% year-on-year rise in net profit to 6.91bn yen (US$86.2mn), and a 9.8% rise in revenue to 86.9bn yen.