EBay selling StubHub to viagogo for US$4.05 billion
In this July 11, 2019, file photo, an EBay app is shown on a mobile phone in Miami. (AP Photo/Wilfredo Lee, File)
EBay is selling StubHub to ticket seller viagogo for US$4.05 billion in cash.
The transaction is part of a review that eBay undertook earlier this year following pressure from an activist investor. The San Jose, California-based company then said it was also reviewing options for its classified ads business.
EBay Inc. bought StubHub in 2007 for US$310 million. Both StubHub and the classifieds business each brought in less than 10 per cent of eBay's total revenue last year.
The addition of StubHub will allow viagogo to sell tickets in more than 70 countries and give buyers access to a wider selection of tickets.
Viagogo's founder and CEO Eric Baker is a StubHub co-founder. In a statement, Baker said it has been his longtime wish to unite the two companies.
The sale is targeted to close by the end of 2020's first quarter.