Retail Industry
Industry: Email Alert RSS FeedeBay to buy ecorp stake in eBay Australia - Market Watch - Brief Article
DSN Retailing Today, Sept 9, 2002
SAN JOSE, CALIF.--EBay has agreed to buy ecorp's 50% stake in their eBay Australia and New Zealand joint venture for $65 million. The deal is subject to approval by Australia's Foreign Investment Review Board. EBay also has agreed to expand, on a five-year basis, the marketing relationship with Australia's Internet portal ninemsn, which is jointly owned by ecorp and Microsoft Corp.
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The purchase of ceorp's equity interest in eBay Australia and New Zealand is expected to close in September or October. Ecorp and eBay jointly launched eBay Australia and New Zealand in October 1999. In the year ended June 2002, eBay Australia and New Zealand achieved a 97% increase in gross merchandise sales to $125.8 million and facilitated 4.4 million online auctions.
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