EBay (NASDAQ:EBAY) announced the sale of its Enterprise business for $925 million. The Enterprise unit, which develops online shopping sites for physical stores, retains clients such as Sports Authority, L Brands, Ascena Retail Group, PetSmart and Ikea.
Talks of a sale began in January, the Associated Press reported. And earlier this month, one of the company's biggest e-commerce clients, Toys R Us, announced that it would move its online shopping site in-house next year.
This announcement also comes just days before eBay plans to spin off its PayPal unit. The sale was made by a group of private equity firms led by Permira and Sterling Partners.
EBay's quarterly income was $83 million and revenue was $4.38 billion. The divisions acquired include Magento Commerce Technologies, eBay Marketing Solutions, Enterprise Services and Operations. The deal is set to close in the second half of the year and is subject to regulatory approvals.
-See this Associated Press article
-See this Permira press release
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