Business-to-consumer IT e-commerce site 360buy.com announced March 11 that it has completed the acquisition of SK Telecom's (NYSE:SKM, 017670.SEO) Beijing-based business-to-consumer shopping site Qianxun.com, reports Sohu. 360buy.com did not reveal the price of the acquisition, but a company insider said that compensation was between RMB 3 million and RMB 4 million, the report said.

Qianxun.com will retain all of its management and staff through the acquisition, while its order processing and logistics systems will gradually be merged with 360buy's supply chain, 360buy said. The acquisition will improve 360buy's offerings of fast-moving consumer products, a market that 360buy entered in late 2008 and to which users have responded positively.