Amazon has just poured out $312 million to acquire Lovefilm, Europe’s answer to Netflix. The deal wasn’t that big of a surprise, since Amazon was already an investor in Lovefilm, owning some 43 percent, according to SlyVisions.

Amazon is expected to keep Lovefilm as an independent company and retain its name, which Lovefilm has spent quite a lot of money on establishing as a household name in the DVD rental and movie streaming market in Europe. The company was founded in 2002, has 350 employees and did some $150 million in revenue last year.