eBay to Acquire Chinese Auction Site, EachNet
eBay has agreed to pay approximately $150 million in cash to acquire the remaining 67% of the stock of EachNet Inc., a popular auction site in China. EachNet currently has more than two million registered users and 300,000 listings. China has more than 59 million consumers online today, making it the world’s second-largest Internet population behind the United States, and it is predicted that the number will grow to 86 million by the end of 2003. By 2005, China’s e-commerce revenue is projected to grow to more than $16 billion. eBay and EachNet first formed a strategic relationship in March 2002, at which time eBay acquired a 33% interest in EachNet for $30 million.
Posted under Online Auctions on June 12, 2003.
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