EBay is selling ticket resale site StubHub to its European rival, Viagogo, for $4.05 billion in a deal set to close next year.
The online auction house acquired StubHub in 2007 for $310 million.
“We believe this transaction is a great outcome and maximizes long-term value for eBay shareholders,” said eBay interim CEO Scott Schenkel in a statement. “We firmly believe in the StubHub business, and we are excited about its future growth potential with Viagogo as its owner.”
StubHub, which serves as a platform for buying and selling tickets to sports, music and theater events in 44 countries, was co-founded in 2000 in San Francisco by Jeff Fluhr and Eric Baker. Baker left the company before it was sold to eBay.
In 2006, Baker founded Viagogo as a European rival to StubHub. Based in Geneva, the company serves customers in more than 70 countries across Europe, Asia, Latin America and Australia.
“It has long been my wish to unite the two companies. I am so proud of how StubHub has grown over the years and excited about the possibilities for our shared future,” Baker said in a statement. “Buyers will have a wider choice of tickets, and sellers will have a wider network of buyers. Bringing these two companies together creates a win-win for fans—more choice and better pricing.”
The sale is expected to close by the end of the first quarter of 2020.