San Jose, Calif. – Looking to strengthen its ties with
retailers and brands, online auction giant eBay (NASD: EBAY) said on Monday it will pay
approximately $2.4 billion to acquire GSI Commerce, a Pennsylvania-based
provider of e-commerce and interactive marketing services.
The deal, to be
financed with a combination of cash and debt, is expected to close after
midyear.
John Donahoe, the president and CEO of eBay, said the acquisition
"will significantly strengthen our ability to connect buyers and sellers
worldwide."
GSI currently boasts more than 180 customers across 14
merchandise categories, as well as long-term relationships with retailers and
brands such as Adidas, Calvin Klein, Dockers, Levi’s, Mattel, HP and
RadioShack.
As part of the acquisition, eBay will sell all of GSI’s licensed
sports merchandise business, as well as 70% of its ShopRunner and Rue La La
shopping sites.
Those properties will become part of a newly formed company led
by GSI founder and CEO Michael Rubin.
Related Links:
http://www.ebayinc.com/#20110328006021
