NEW YORK (AP) – 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.
