eBay Buys Turkish E-Commerce Company GittiGidiyor
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eBay Inc. (NASDAQ:EBAY) has acquired Turkish auction e-commerce website GittiGidiyor. eBay had acquired a 15% stake in GittiGidiyor in 2007. Now eBay owns about 93% of the outstanding shares in the Turkish company. GittiGidiyor launched in 2001 and has 6.4 million users. GittiGidiyor is basically an eBay clone for the online auction market in Turkey. However GittiGidiyor has a mandatory escrow service between buyers and sellers to prevent fraud.
“Becoming an eBay company is a source of great pride for GittiGidiyor…By being fully part of eBay, we can accelerate our development, benefit from world class best practices and consolidate our leadership position in one of Europe’s fastest growing ecommerce markets,” stated Gitti Gidiyor co-founder and chairman Serkan Boranç?l?.