Japanese e-commerce company Rakuten has bought Canadian eBook company Kobo for $315 million in cash. The deal, which was announced in November, has now closed following customary closing conditions.

Kobo will continue to be based out of its Toronto headquarters and the management team will remain in place.

According to a press release issued by Kobo, the new ownership will help the company grow their business. Here is more: “The acquisition by Rakuten, one of the world’s leading Internet service and e-commerce companies, provides Kobo with a strong growth opportunity to expand its footprint into new and expanding markets.”

And business is growing. Christmas was Kobo’s busiest day ever for eBook downloads and  with several ebooks downloaded every second by readers in over 150 countries. Amazon and Barnes & Noble also did well on downloads during the holiday.