eBay will acquire all of the remaining outstanding common stock of EachNet Inc., the Delaware-based company that, in cooperation with local subsidiaries, operates EachNet.com, the leading ecommerce company in China.
eBay said the new relationship will allow it to increase its investment in China and help EachNet extend its success in ecommerce. EachNet currently has more than two million confirmed registered users who trade a wide variety of items on its Web site.
EachNet was founded by Bo Shao and Haiyin Tan in 1999, and its early investors included Whitney & Co., AsiaTech Ventures Limited, and Orchid Asia Holdings. 2b interactive group advised EachNet on this transaction.
The transaction is expected to close during the third quarter of 2003. eBay and EachNet first formed a strategic relationship in March 2002, at which time eBay acquired a 33% interest in EachNet for $30 million in cash.
