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Amazon.com Inc. will buy California-based smart doorbell maker Ring for over $1 billion, Reuters reported Feb. 27, citing sources familiar with the matter.
An Amazon spokesman confirmed the acquisition but declined to comment on the financial terms of the deal, the report said.
The acquisition is part of the company's plan to expand into the smart home market, the report added. Amazon already sells Echo smart speakers that are powered by its Alexa voice assistant.