eBay to acquire ticketing firm StubHub
eBay is buying San Francisco-based StubHub, a sports ticket reseller, for an estimated $310 million.
Announcing the deal in a statement, eBay said the all-cash transaction is expected to close in the first quarter of 2007, subject to approvals by StubHub's shareholders and regulators. The deal includes StubHub's net cash at the time of the deal's closing.
Founded in 2000, StubHub is one of eBay's competitors. It had crossed $400 million in gross ticket sales in 2006. eBay had made an attempt to buy the firm in 2002 for around $20 million, but could not agree on the price.
StubHub provides a secure method of buying and selling tickets offering money-back guarantee so that buyers do not lose out on unused tickets. It acts as middleman ensuring privacy of the buyers.
4 votes
