EBay to sell StubHub to competitor viagogo for $4.05 billion US

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EBay is convey title StubHub to ticket seller viagogo for $4.05 billion US in cash.

The agreement is part of a review that eBay undertook earlier this year see pressure from an activist investor. The San Jose, California-based company then responded it was also reviewing options for its classified ads business.

EBay Inc. bought StubHub in 2007 for $310 million. Both StubHub and the classifieds topic each brought in less than 10 per cent of eBay’s total proceeds last year.

The addition of StubHub will allow viagogo to inform against tickets in more than 70 countries and give buyers access to a wider batch of tickets.

Viagogo’s founder and CEO Eric Baker is a StubHub co-founder. In a proclamation, Baker said it has been his longtime wish to unite the two companies.

The trafficking is targeted to close by the end of 2020’s first quarter.

Under pressure

EBay has been controlled by pressure from activist investor Elliott Management to sell off some of its places.

In March, eBay said it might sell its StubHub and its classified ads vocation to focus on its main online sales site. It also added two new chief honchos to its board at that time, selected by Elliot Management.

Then in September, CEO Devin Wenig stepped down ended differences in with the board of directors.

“In the past few weeks it became unencumbered that I was not on the same page as my new board,” Wenig tweeted at the time.  “Whenever that stumble ons, its best for everyone to turn that page over.”

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