EBay selling StubHub to viagogo for $4.05 billion

Business News

FILE – In this July 11, 2019, file photo, an Ebay app is shown on a mobile phone in Miami. EBay is selling StubHub to ticket seller viagogo for $4.5 billion. (AP Photo/Wilfredo Lee, File)

EBay is selling StubHub to ticket seller viagogo for $4.05 billion in cash.

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

EBay Inc. bought StubHub in 2007 for $310 million. Both StubHub and the classifieds business each brought in less than 10% of eBay’s total revenue last year.

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

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

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

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This story has been corrected to show the transaction is worth $4.05 billion, not $4.5 billion.

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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