San Jose, CA based eBay Inc., the online auction/shopping website created by Pierre Omidyar are getting close to acquiring StubHub for over $300 million. StubHub is one of the largest online ticket-sellers for concerts and sporting events. Last year, StubHub sold over $400 million worth of tickets. StubHub made $10 million EBIT last year.
Although the deal has not been officially confirmed by eBay representatives, people familiar with the matter reported the acquisition possibility to the Wall Street Journal. The acquisition announcement could happen as early as tomorrow.
eBay competes directly with StubHub for ticket-selling. eBay has been acquiring companies left and right for the past few years. eBay acquired Sweden-based online auction company Tradera for $48 million in April 2006. Also last April, eBay acquired social networking website, Meetup for $2 million. Two of eBay’s most well-known acquisitions was Skype for $2.6 billion and PayPal for $1.5 billion in 2002.