eBay has agreed to acquire GSI Commerce, a provider of e-Commerce and interactive marketing services, for $29.25 a share, or total consideration of approximately $2.4bn.
The acquisition by eBay will be financed with cash and debt, and is expected to close in the third quarter of 2011.
The merger consideration represents a 51% premium over GSI’s 25 March 2011 closing price and a 47% premium over the average closing price of GSI Commerce common stock over the 30 trading days prior to 28 March 2011.
eBay said that GSI, which has more than 180 customers across 14 merchandise categories, will benefit from its global platform and technology capabilities while its clients will be able to leverage eBay Marketplaces and PayPal services.
As part of the transaction, eBay will divest 100% of GSI’s licensed sports merchandise business and 70% of ShopRunner and Rue La La.
eBay expects the transaction to result in synergies of approximately $60m by 2013.
eBay president and CEO John Donahoe said the acquisition of GSI, which offers the most comprehensive integrated suite of online commerce and interactive marketing services available, will significantly strengthen their ability to connect buyers and sellers worldwide.
"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," Donahoe said.
