EBay completes US$2.4B acquisition of GSI Commerce, provider of e-commerce, interactive marketing services

Kendall Sinclair

Kendall Sinclair

SAN JOSE, California , June 20, 2011 (press release) – eBay Inc. (Nasdaq:EBAY) today announced it completed its previously announced acquisition of GSI Commerce, Inc. (Nasdaq:GSIC), a leading provider of ecommerce and interactive marketing services. The stockholders of GSI approved the adoption of the merger agreement with eBay at the special meeting of stockholders held on June 17th and the merger became effective later that day.

“Management’s Discussion and Analysis of Financial Condition and Results of Operations”

In accordance with the terms of the acquisition agreement announced on March 28, 2011, eBay acquired all of the outstanding shares of GSI’s stock for $29.25 per share in cash, or total consideration of approximately $2.4 billion. As previously announced, certain GSI stockholders will be paid a settlement amount equivalent to $0.33 a share related to the settlement of claims filed in Delaware state court, which is separate and distinct from the payment of the $29.25 per-share merger consideration to be paid pursuant to the terms of the merger.

GSI Commerce will operate as a separate business unit led by Chris Saridakis as its newly appointed president. Saridakis will report to eBay Inc. CEO and President John Donahoe.

In addition, eBay completed the divestiture of 100 percent of GSI’s licensed sports merchandise business and 70 percent of ShopRunner and Rue La La to a newly formed holding company led by GSI founder and former CEO Michael Rubin.

About eBay

Founded in 1995 in San Jose, Calif., eBay Inc. (NASDAQ:EBAY) connects hundreds of millions of buyers and sellers globally on a daily basis through eBay, the world's largest online marketplace, and PayPal, which enables individuals and businesses to securely, easily and quickly send and receive online payments. We also reach millions through specialized marketplaces such as StubHub, the world's largest ticket marketplace, and eBay Classifieds sites, which together have a presence in more than 1,000 cities around the world. For more information about the company and our global portfolio of online brands, visit www.ebayinc.com.

About GSI Commerce

GSI Commerce® enables ecommerce, multichannel retailing and digital marketing for global enterprises in the U.S. and internationally. GSI’s ecommerce services, which include technology, order management, payment processing, fulfillment and customer care, are available on a modular basis or as part of an integrated solution. GSI’s marketing services are comprised of innovative digital marketing products and services which include database management and segmentation, marketing distribution channels, a global digital agency to drive strategic and creative direction and an advanced advertising analytics and attribution management platform. GSI is headquartered in King of Prussia, Pa. and its international headquarters is located in Barcelona, Spain. More information can be found at gsicommerce.com. GSI is an eBay Inc. (Nasdaq:EBAY) company.

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