Bought by Rakuten

Rakuten, Japan’s leading internet retailer, has acquired U.S. rival in an all-cash transaction for an undisclosed sum.

The retail marketplace, which has more than 14 million customers and sells a wide variety of products including apparel and sporting goods, will be a wholly-owned subsidiary of Rakuten. According to the deal, will remain at its headquarters in California, and its workforce and executive team will be retained by its new owners.

Rakuten Ichiba, Rakuten’s core business, is Japan’s largest internet retail venture, combining more than 33,000 merchants. The company has about 64 million registered members and achieved sales of $3.2 billion in 2009.

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