The Drum: eReading giants Rakuten, Kobo team up for eBooks and eReaders

Rakuten, the Toronto based eCommerce company, has announced that it intends to purchase Kobo—an eReading specialist—in a deal valued at $315m.

Kobo had become an increasingly potent competitor to Rakuten in recent years, launching a range of innovative eReaders and a wide range of eReading apps into the eBook marketplace.