eBay acquiring sports ticket reseller StubHub

Online auction and ecommerce company eBay has said that they are acquiring the buy sports ticket reseller StubHub. This deal is worth around $310 million and would be conducted in a cash transaction.

The company said that this price is an estimated one and includes the StubHub’s net cash at the time of the deal’s closing. The final amount of the deal would be based on a formula at the time the deal closes.

eBay aims to close this deal in the first quarter of the year itself. They would require the approval from the regulators and StubHub shareholders.

StubHub started operating in 2000 and had in excess of $400 million in gross ticket sales last year.

Bill Cobb, president, eBay North America Marketplaces spoke about this deal: “StubHub has been extremely successful in the online tickets segment, and it’s a perfect complement to eBay’s tickets business.” Interestingly, eBay itself was the company’s biggest rival in the North American market.