Internet trading community eBay has purchased French-headquartered online auction site iBazar.
The deal involves eBay issuing 2.25 million shares which, depending on the value of its stock at close of trading, could be worth anything from $66m to $112m.
With 3.1m listings in eight European countries and sales of over $95m, iBazar gives eBay – the self-proclaimed “first, biggest and best” website of its kind in the world – a much stronger position in Europe.
“In one strategic move we have increased our pan-European footprint, as well as the strength of our global trading community,” said eBay’s president-ceo Meg Whitman.
Commented Pierre-Francois Grimaldi, president of the French site: “We have built iBazar into Europe's best auction website. Taking it to the next level will be easier by becoming part of a larger company.”
News source: Advertising Age - International Daily