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Update: Amazon announced the completion of its acquisition of Zappos.com today. The Zappos management team will remain intact, and Zappos will operate independently with its headquarters in Las Vegas.

Original Article: Zappos CEO Tony Hsieh sent an email to Zappos employees today informing them that Amazon is becoming the only shareholder of Zappos stock. The following video from Jeff Bezos was also posted on the Zappos Blog:

Here is a sample of what Hsieh said in the email:

Over the next few days, you will probably read headlines that say "Amazon acquires Zappos" or "Zappos sells to Amazon". While those headlines are technically correct, they don't really properly convey the spirit of the transaction. (I personally would prefer the headline “Zappos and Amazon sitting in a tree…”)

We plan to continue to run Zappos the way we have always run Zappos -- continuing to do what we believe is best for our brand, our culture, and our business. From a practical point of view, it will be as if we are switching out our current shareholders and board of directors for a new one, even though the technical legal structure may be different.

We think that now is the right time to join forces with Amazon because there is a huge opportunity to leverage each other's strengths and move even faster towards our long term vision. For Zappos, our vision remains the same: delivering happiness to customers, employees, and vendors. We just want to get there faster.

Zappos employees will still have their jobs, and the company will continue to run the same way. In fact, Zappos says they will need to hire more people to continue growing. The company's leaders will remain in place as well.

For all of the available details, you can read the entire lengthy email here, as well as a Q&A. The transaction is not one of cash. Zappos shareholders and option holders will be issued 10 million Amazon shares. More details of the deal will be made public after an SEC filing.
 

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