eBay sells one of its businesses for more than $4 billion

The sale is expected to close by the end of the Q1 of 2020

eBay

eBay sells one of its businesses for more than $4 billion. Source: flickr.com

eBay entered into an agreement with Viagogo to sell a ticketing service StubHub for $4.05 billion in cash. Viagogo will reportedly provide additional flexibility and resources to StubHub, developing its further drive scale, global reach, and innovation.

Over the past several months, eBay’s leadership team and Board of Directors have been engaged in a thorough review of our current strategies and portfolio, and we concluded that this was the best path forward for both eBay and StubHub. We firmly believe in the StubHub business and we are excited about its future growth potential with Viagogo as its owner
Scott Schenkel, interim chief executive officer of eBay Inc.

Viagogo, along with StubHub, says it brings transparency, choice, and competitive ticket prices to the customers. Due to their collaboration, both of them are expected to sell hundreds of thousands of tickets per day across more than 70 countries.

Fans will get access to a wider selection of inventory worldwide, whereas sellers and artists will have the ability to reach a broader global audience more efficiently.

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