EBay Buys GSI Commerce for $2.4 Billion

Online auction house eBay Inc. on Monday finalized an agreement to purchase GSI Commerce Inc. for approximately $2.4 billion in cash, according to the companies.
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EBay Buys GSI Commerce for $2.4 Billion
A sign is posted outside of the eBay headquarters February 24, 2010 in San Jose, California. (Justin Sullivan/Getty Images)
3/28/2011
Updated:
10/1/2015

<a><img src="https://www.theepochtimes.com/assets/uploads/2015/09/ebay-97027085.jpg" alt="A sign is posted outside of the eBay headquarters February 24, 2010 in San Jose, California. (Justin Sullivan/Getty Images)" title="A sign is posted outside of the eBay headquarters February 24, 2010 in San Jose, California. (Justin Sullivan/Getty Images)" width="320" class="size-medium wp-image-1806317"/></a>
A sign is posted outside of the eBay headquarters February 24, 2010 in San Jose, California. (Justin Sullivan/Getty Images)
Online auction house eBay Inc. on Monday finalized an agreement to purchase GSI Commerce Inc. for approximately $2.4 billion in cash, according to the companies. GSI is an online retail and marketing company that could help improve the experience of eBay’s auction clients and help it compete with Internet retail giant Amazon.com.

“Combined with EBay Marketplaces and PayPal, we believe GSI will enhance our position as the leading strategic global commerce partner of choice for retailers and brands of all sizes,” John Donahoe, eBay’s chief executive, said in a statement on Monday.

GSI shareholders will receive roughly $29.25 per share in cash from eBay. GSI’s shares rose 51 percent to $29.20 on the Nasdaq stock exchange on Monday. GSI is based in King of Prussia, Pa.