eBay is Selling StubHub to Viagogo For $4 Billion

According to CNN, eBay is selling its ticket reselling website StubHub to Viagogo, a rival company based in Europe, in a $4 billion deal.

The all-cash deal was announced on Monday. The combined company will be able to sell an expected hundreds of thousands of tickets per day across more than 70 countries.

This deal "maximizes long-term value for eBay shareholders" and is the "best path forward for both eBay and StubHub" according to eBay interim CEO Scott Schenkel.

Eric Baker, Viagogo's founder and CEO, said in a statement that he had been hoping to combine the two rivals, as he believes it "creates a win-win for fans."

eBay has owned StubHub since 2007 when it bought the company for $310 million. StubHub sells tickets for a variety of events, including sports and concerts, which Viagogo is a Switzerland-based company that also resells tickets, mostly for sporting events including European football, rugby and cricket.

The sale is scheduled to close in the first quarter of 2020, subject to regulatory approvals.

Read more on CNN.