Rakuten, Inc. (Chairman and CEO: Hiroshi Mikitani, hereinafter “the Company”) announces that today Rakuten USA, Inc., a wholly-owned, direct subsidiary of the Company (hereinafter the “Seller”) has concluded a stock purchase agreement (hereinafter the “Agreement”) with Aragorn Parent Corporation (Representative: Richard Sarnoff, hereinafter the “Purchaser”) under which all shares of OverDrive Holdings, Inc. (hereinafter “OverDrive Holdings” and, together with its subsidiaries, “OverDrive”) indirectly held by the Company and directly held by the Seller will be sold and transferred to the Purchaser.
1. Purpose and background of the Agreement
Since its establishment in 1986, OverDrive has provided eBooks and audio books to libraries and educational institutions, and has steadily expanded its business results since joining the Rakuten Group. We decided on a transfer of the shares in consideration of optimizing the allocation of Rakuten Group resources.