eBay Buys India’s Baazee.com

    August 4, 2004

On Monday eBay, Online Marketplace, completed its previously announced acquisition of Baazee.com and its subsidiary Baazee.com India Pvt. Ltd., the largest online marketplace in India.

In accordance with the terms of the transaction as announced on June 22, 2004, eBay is acquiring all outstanding shares of Baazee.com, Inc. for approximately US$50 million in cash, plus acquisition costs.

As previously stated, eBay does not expect the acquisition to have a material impact on 2004 net revenue and earnings per share, and does not expect it to affect eBay’s financial guidance as issued in connection with its second quarter earnings release on July 21, 2004.

Jeremy Muncy is a staff writer for WebProNews.com