eBay to acquire Shopping.com for USD 620 million
eBay is one of the worldâ€™s largest online trading/shopping website. And they have just announced plans to takeover Shopping.com website specializing in online price-comparison. The deal is worth around $620 million in cash and the company would be using this project to enable the sellers list their merchandise available for sale.
The quoted price is 20% more than the current market value of the company, which traded at USD 21 per share at the end of the day. eBay believes that this latest acquisition would help them gain more customers as they continue their buying spree after just recently investing in a Chinese auction site. They also took over the Baazee.com website dealing in similar services based in India.
EBay’s president for North America, Bill Cobb said in a statement: â€œIt’s a way for our sellers to get a new sales channel and access a new set of buyersâ€. The company would also get access to the popular online user review website Epinions which is currently controlled by Shopping.com.
Some of the other recent acquisitions by the company are: Rent.com for about $415 million in December, Chinaâ€™s largest e-commerce site EachNet for $150 million and Dutch classified site Marktplaats.nl for about $290 million.