EBay in discussions with multiple parties for sale of classified business

Listen to this article:

FILE PHOTO: The German headquarters of online marketplace eBay is pictured at Europarc Dreilinden business park south of Berlin in Kleinmachnow, Germany, August 6, 2019. REUTERS/Fabrizio Bensch

(Reuters) – EBay Inc (EBAY.O) is in discussions with multiple candidates regarding a potential transaction for its classified-ads business, the company said on Friday.

The company expects to provide an update regarding the process by the middle of 2019, it said in a statement.

Earlier on Friday, the Wall Street Journal reported eBay is reaching out to potential buyers to sell its classified-ads business, which could be worth roughly $10 billion.

Activist shareholder Starboard had sent a letter to eBay’s board, saying the company has not made enough progress in its plan to separate its classifieds business.

In March 2019, the company announced a strategic review of the classifieds-ads business and its StubHub ticketing unit

Later, it agreed to sell StubHub to Viagogo Ltd for $4.05 billion.

Array
(
    [post_type] => post
    [post_status] => publish
    [orderby] => date
    [order] => DESC
    [update_post_term_cache] => 
    [update_post_meta_cache] => 
    [cache_results] => 
    [category__in] => 1
    [posts_per_page] => 4
    [offset] => 0
    [no_found_rows] => 1
    [date_query] => Array
        (
            [0] => Array
                (
                    [after] => Array
                        (
                            [year] => 2023
                            [month] => 12
                            [day] => 19
                        )

                    [inclusive] => 1
                )

        )

)