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Adevinta Acquired eBay Ad Classifieds business for $9.2 billion

23Jul By AdityaNo Comments

ACQUISITION

Adevinta Acquired eBay Ad Classifieds business for $9.2 billion

SAN JOSE, Calif., July 23, 2020-- Adevinta acquire eCommerce company eBay's classified ad business for $9.2 billion in a cash and stock deal. As part of the transaction, eBay will receive $2.5 billion in cash and approximately 540 million Adevinta shares which would represent an equity stake of approximately 44% based on the number of Adevinta's outstanding shares, as of the end of the second quarter, and a ~33.3% voting stake. This sale creates short-term and long-term value for shareholders and customers while allowing us to participate in the future potential of the Classifieds business. Adevinta is a global online classifieds specialist, currently operating in 15 countries, with a portfolio that spans 35 digital products and websites. eBay's Classifieds platforms include a co...

14Feb By PriyankaNo Comments

BUSINESS

eBay Completes Sale of StubHub

SAN JOSE, Calif., Feb. 13, 2020-- eBay Inc, a global eCommerce platform that connects millions of buyers and sellers around the world has completed the sale of StubHub to viagogo for $4.05 billion in cash. "The completed sale of StubHub to viagogo is a great outcome both in terms of the $4.05 billion sale price and the potential StubHub has with its new owner," said Scott Schenkel, interim CEO of eBay Inc. "The StubHub transaction reinforces our commitment to creating shareholder value and is consistent with other steps we have taken such as margin improvement, share buybacks and issuing dividends. We are operating with discipline and focus, improving financial performance and delivering improved customer experiences. On behalf of the eBay team, we're excited to see how StubHub evolves...

Viagogo Acquires StubHub from eBay for $4.05 Billion

27Nov By AdityaNo Comments

ACQUISITION

Viagogo Acquires StubHub from eBay for $4.05 Billion

SAN JOSE, California-- eBay and Viagogo have entered into a definitive agreement for eBay to sell StubHub to Viagogo for a purchase price of $4.05 billion in cash. "We believe this transaction is a great outcome and maximizes long-term value for eBay shareholders," said Scott Schenkel, interim chief executive officer of eBay Inc. "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." viagogo is a leading worldwide ticket marketplace for live sport, music and entertainment events, and ...

eBay draws new Logistics plan to fight against Amazon

26Jul By AnkitaNo Comments

News

eBay draws new Logistics plan to fight against Amazon

SAN FRANCISCO: Online retail giant eBay plans its own managed delivery for sellers through its platform to compete with Amazon prime service and boost its brand recognition. The new service will result in "hundreds of millions of eBay-branded boxes and packages being placed on front porches across the United States within the next few years," the company statement said. The move by eBay comes with Amazon growing its base of third-party sellers for its Prime subscription service that offers same day delivery. "These branded packages will not only deliver a better shopping experience for customers, but materially enhance eBay's brand identity as a popular consumer shopping destination." The new service will allow sellers to store inventory closer to buyers in warehouses across t...

eBay invested $150 million in Paytm Mall, picks up 5.5% stake

19Jul By PriyankaNo Comments

FUNDING

eBay invested $150 million in Paytm Mall, picks up 5.5% stake

eBay Inc., a global commerce leader announced an agreement that will make eBay inventory accessible to tens of millions of Paytm Mall active customers in India. Additionally, eBay is making an investment of $150 million in Paytm Mall and will own approximately 5.5% of the company. “We are deeply committed to India and believe there are huge growth potential and significant opportunity in this dynamic market,” said Jooman Park, eBay Senior Vice President, APAC. “This new relationship will accelerate our cross-border trade efforts in a rapidly growing market, providing hundreds of millions of Paytm and Paytm Mall customers with access to eBay’s unparalleled selection of goods.” Paytm Mall makes international purchases frictionless for customers in the Paytm ecosystem. Through technolo...

eBay Files a Lawsuit Against the Largest E-commerce Player

18Oct By Gauri SinghNo Comments

News

eBay Files a Lawsuit Against the Largest E-commerce Player

The e-commerce player eBay has reportedly filed a lawsuit against Amazon stating that the online retail giant used eBay's messaging system to steal its sellers. In the following lawsuit, eBay said Amazon representatives signed up for eBay accounts and messaged sellers to get them to sell their goods on Amazon.com. This violated its user agreement. As far as the complaint is concerned, Amazon representatives spelled out their email addresses and asked eBay sellers to talk on the phone in order to evade detection. eBay called it an “orchestrated, coordinated, worldwide campaign'' to “illegally lure eBay sellers to sell on Amazon.'' US-based retailer Amazon refused to comment on the lawsuit. Both e-commerce platforms eBay and Amazon depend on independent sellers to boost their rev...

eBay.in Plans to Acquire ShopClues For India Relaunch

28Jul By AnkitaNo Comments

ACQUISITION

eBay.in Plans to Acquire ShopClues For India Relaunch

US-based online retailer eBay is reportedly in talks with ShopClues to acquire the Gurugram-based e-commerce company After announcing its plan to relaunch its India business. Last year, eBay sold its India operations to Flipkart for $200 million, who recently said it will stop using the eBay.in platform. Meanwhile, eBay and ShopClues have both declined to comment on the acquisition reports. ShopClues is an online marketplace owned by Clues Network Pvt. Ltd. It was established in July 2011 in Silicon Valley by Sanjay Sethi, Sandeep Aggarwal and Radhika Aggarwal. Based in Gurgaon, India, the company claims to have over 6 lakh merchants and 2.8 crore products on its platform, serving over 32,000 pin codes across the country. ShopClues has recently raised $10 million from existing invest...

Flipkart Terminates Operations Of eBay India

24Jul By AnkitaNo Comments

News

Flipkart Terminates Operations Of eBay India

Flipkart plans to shut down eBay.in, which it had been operating for the last one year. However, eBay is anticipated to relaunch in India very soon as the strategic relationship between the two companies has ended. Flipkart Pvt Ltd. is an Indian electronic commerce company based in Bengaluru, India. Founded by Sachin Bansal and Binny Bansal in 2007, the company initially focused on book sales, before expanding into other product categories such as consumer electronics, fashion, and lifestyle products. Chief Executive Officer Kalyan Krishnamurthy informed the employees, “Flipkart is planning to launch a new platform in order to sell refurbished goods. Based on our learnings at eBay.in, we have built a brand new value platform launching with refurbished goods — a large market w...

Walmart Raises $5B Revolving Credit to Fund Flipkart Acquisition Deal

11May By Lavina TolaniNo Comments

News

Walmart Raises $5B Revolving Credit to Fund Flipkart Acquisition Deal

A number of monetary corporations including JPMorgan Chase and Barclays are offering $5 billion financing to Walmart that will help the American giant fund its $16 billion acquisition of Indian e-commerce unicorn Flipkart. The credit line involved would be one of the largest revolving credit facilities in the recent times as it is priced between 300-400 basis points over London Interbank Offered Rate. The facility amount will be secured against the balance sheet of Flipkart and its shares will have a tenure of 18 months. The proposed revolving facility is an arrangement that allows buying company to facilitate the immediate acquisition financing requirements while the loans are secured against the balance sheet of the target company of its share price. "Walmart has very strong ban...

eBay to Relaunch its Operations in India Without Flipkart

10May By Sheldan RungasamyNo Comments

News

eBay to Relaunch its Operations in India Without Flipkart

eBay, the California-based online marketplace announced its decision to terminate its strategic partnership with Indian e-commerce Flipkart in an effort to relaunch eBay India with a differentiated offer to focus on cross-border trade, the company said in a statement released on Wednesday. The announcement comes few hours after reports of the confirmation of the acquisition deal between Flipkart and US-based brick-and-mortar giant Walmart as eBay India sold its shares it bought last year during a funding round of $1.4 billion in partnership with Microsoft and Tencent where the online marketplace poured $500 million in the Indian e-commerce in return for shares. Yesterday, eBay sold all its remaining shares in Flipkart to the deep pocketed Walmart for $1.1 billion. "Following the clos...

Britain Loses 1 Billion Pounds Through VAT Fraud and Error by Amazon and eBay Sellers

20Apr By reutersNo Comments

News

Britain Loses 1 Billion Pounds Through VAT Fraud and Error by Amazon and eBay Sellers

Britain is losing up to 1 billion pounds ($1.28 billion) a year in value added tax (VAT) because of fraud or error by sellers using online marketplaces eBay and Amazon, a report by the government auditor said. The National Audit Office (NAO) said on Wednesday that the sellers involved are often based in China and that consumer regulator Trading Standards had found that U.S. companies Amazon and eBay had failed to remove sellers that were flouting VAT rules, even after being informed of the sellers' non-compliance. "The size of the VAT losses due to online VAT fraud or error on transactions taking place on Amazon’s and eBay’s online platforms could be up to 1 billion pounds a year," the NAO said, citing latest figures from the Trading Standards Institute. All retailers selling to c...

Flipkart Raises $1.4 Billion From Microsoft, Tencent and eBay

10Apr By PriyankaNo Comments

FUNDING

Flipkart Raises $1.4 Billion From Microsoft, Tencent and eBay

Indias largest e-commerce firm Flipkart has raised USD 1.4 billion from Tencent Holdings, Microsoft Corp and eBay Inc amid speculation that the online marketplace is in talks to take over smaller rival Snapdeal. The biggest-ever fund raising by an Indian Internet firm values Flipkart at USD 11.6 billion, the company said in a statement today. With over 100 million customers, Flipkart owns fashion retailers Myntra and Jabong, logistics firm Ekart and payments app PhonePe. The valuation was a decline from Flipkarts USD 15 billion reported worth in 2015. Prior to the latest round of funding, it had raised more than USD 3 billion, mostly from international investors. eBay will invest USD 500 million in Flipkart as the two firms will merge their operations in the country. As part of the de...