Amazon has agreed to acquire the remaining shares in LoveFilm, Europe’s biggest film and game rental firm.
The online retail giant – which already held a 42 per cent share in LoveFilm – will finalise the acquisition before the end of March.
LoveFilm has been innovating on behalf of movie rental customers across Europe for many years and with the advent of the LoveFilm player, they are further delighting customers by streaming digital movies for their immediate enjoyment,” said Amazon’s VP of European retail Greg Greeley.
LoveFilm and Amazon have enjoyed a strong working relationship since LoveFilm acquired Amazon Europe’s DVD rental business in 2008, and we look forward to a productive and innovative future.”
CEO of LoveFilm International Simon Calver added: The deal is a winner for the members who love LoveFilm because of its value, choice, convenience and innovation in home entertainment. With Amazon’s unequivocal support we can significantly enhance our members experience across Europe.”
LoveFilm operates in the UK, Germany, Sweden, Norway and Denmark, and is a subscription-based film and video game rental service. It also operates a streaming service for film and TV shows over the internet, which can be accessed through the PlayStation 3.
LoveFilm also has PlayFish CEO and Co-founder Kristian Segerstrale on its Board as a non-executive director.
The acquisition is subject to customary closing conditions, including regulatory approvals.
Amazon made a 200m bid for LoveFilm in September last year.