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Amazon changes ownership

The $545 million deal for privately held parent company Quidsi is Amazon's largest acquisition since its Zappos buy in 2009.

Amazon is acquiring the parent company of

The online retailer announced today that it will pay $500 million in cash for Quidsi and assume $45 million in debt. The price tag for the New Jersey-based Quidsi is about $200 million higher than its valuation following its latest round of venture funding, according to The Wall Street Journal, which reported on the impending acquisition over the weekend, as did Fortune.

"I'm not sure which is more unpleasant--changing diapers, paying too much for them, or running out of them," said Amazon CEO Jeff Bezos in a statement. "This acquisition brings together two companies who are committed to providing great prices and fast delivery to parents, making one of the chores of being a parent a little easier and less expensive."

Quidsi also operates personal care products site Its leadership team, including CEO Marc Lore and COO Vinit Bharara--both co-founders of the company--will remain with Amazon. The deal is expected to close in December.

Quidsi announced in April it had closed a $20 million round of mezzanine financing led by Pinnacle Ventures, which followed $30 million in financing led by New Enterprise Associates in 2009.

The deal is Amazon's largest since it acquired shoe retailer Zappos in 2009 for about $850 million.

Update November 8 at 6:25 a.m. PT: The story was recast to reflect the formal announcement of the acquisition.