eBay snaps up Baazee.comPosted 04/08/2004
Online auction site eBay has completed its previously announced acquisition of India's largest online marketplace.
Under the terms of the transaction, announced on June 22nd, eBay has paid around US$50 million in cash, plus acquisition costs, for all outstanding shares of Baazee.com and its subsidiary Baazee.com India Pvt Ltd.
eBay does not expect the acquisition to have a material impact on 2004 net revenue and earnings per share and has not revised its financial guidance issued in connection with its Q2 results last month.
Baazee.com India Pvt Ltd is a subsidiary of Delaware-based Baazee.com Inc and started its operations in India in January 2000. The company is headquartered in Mumbai and has one million confirmed registered users.
Founded in 1995, eBay is the world's largest online marketplace and millions of transactions take place on the site each day. © DeHavilland Information Services plc
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