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Auctionbytes-NewsFlash, Number 577 - July 17, 2003 - ISSN 1539-5065
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eBay Completes EachNet Acquisition
By Ina Steiner
AuctionBytes.com
July 17, 2003
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eBay Inc. completed its previously announced investment in EachNet, a leading ecommerce company in China. eBay has acquired all of the remaining outstanding common stock of EachNet Inc., the Delaware-based company that, in cooperation with local subsidiaries, operates www.eachnet.com.
In accordance with the terms of the transaction as announced on June 11, 2003, eBay will pay approximately $150 million in cash to acquire the remaining 67% of the stock of EachNet Inc. eBay and EachNet first formed a strategic relationship in March 2002, at which time eBay acquired a 33% interest in the company.
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