eBay will acquire ecorp's 50% equity interest in their eBay Australia and New Zealand joint venture for $65 million (approximately AUS$120 million). The sale is subject to approval by Australia's Foreign Investment Review Board (FIRB).

"Buying the business outright will enable us to bring it more in line with our other international businesses as part of our overall strategy to build a global online marketplace," said eBay's Matt Bannick, Senior Vice President, International.

eBay agreed to expand, on a five-year basis, its marketing relationship with Australia's leading Internet portal ninemsn, which is jointly owned by ecorp and Microsoft Corp., as part of the deal. The purchase of ecorp's equity interest in eBay Australia and New Zealand is expected to close in September or October of 2002.

In the 12 months ended June 2002, eBay Australia and New Zealand achieved a 97% increase in gross merchandise sales (GMS) to $125.8 million and facilitated 4.4 million online auctions. More than 1.17 million Australian unique visitors access eBay's online trading platform each month.

ecorp and eBay jointly launched eBay Australia and New Zealand in October 1999 under the stewardship of ecorp CEO Alison Deans, who was managing director of eBay Australia and New Zealand prior to joining ecorp in June 2000.

ecorp is a leading Australia-based Internet business listed on the Australian Stock Exchange. Its interests include a 50% ownership in Internet portal ninemsn; a 50% interest in an online casino; interests in career site Monster.com; and ownership of a ticketing services company.

http://www.ecorp.com.au