eBay announced it has agreed to acquire Baazee.com Inc. and its subsidiary Baazee.com India Pvt. Ltd., the largest online marketplace in India. Based in Mumbai, Baazee.com currently has more than one million confirmed registered users who trade in a wide range of categories from consumer electronics and computers, to home decor and jewelry. Baazee.com India Pvt. Ltd is a subsidiary of Delaware based Baazee.com, Inc., and started its operations in India in January 2000.

eBay will acquire all outstanding shares of Baazee.com, Inc. for approximately $50 million, plus acquisition costs and post-signing adjustments. The acquisition is expected to close in the third calendar quarter of 2004.