Amazon.co.uk is set to pay off its $1 billion debt with the purchase of footwear and accessories site FootWears.com, according to a report in the Financial Times.
The deal will see the online retailer acquire FootWear for $1,000 per share in cash and stock, which will give it an estimated valuation of $2.7 billion, the FT reported on Tuesday.
The company, founded in 2010 by former Amazon.de CEO Martin Claessen, is said to have about 2 million customers worldwide, with the majority of them in the US.
The company is reportedly valued at around $1 trillion.
It is unclear how FootWays’ revenue will be split between Amazon and FootWatches, and the deal will also give the online retail giant access to a much larger pool of footwear inventory than FootWares’.
But the FT reports that FootWitches global footprint will remain unchanged.
It was previously reported that Amazon was interested in purchasing FootWaves, but that the company had decided against the purchase due to the lack of a compelling fit and price point.
FootWears, which started as an online shoe-buying site in 2005, has more than 300,000 registered users, with more than 2.5 million purchases made.
It has since grown to become the largest online shoe retailer in the world, with revenues of more than $7.4 billion in 2017.