Monday, March 28, 2011

eBay Buys GSI Commerce

San Jose-based online auction site eBay announced this morning that it has agreed to acquire e-commerce and marketing provider GSI Commerce, in a deal worth approximately $2.4 billion. eBay said it will pay $29.25 a share for publicly held GSI Commerce, a 51 percent premium of GSI's Friday close price. GSI Commerce provides online commerce and interactive marketing services. eBay was advised by Goldman, Sachs & Co., Peter J. Solomon Company and Dewey & LeBoeuf LLP in the deal; GSI's advisers were Morgan Stanley & Co., Davis Polk & Wardwell LLP, and Morgan, Lewis & Bockius LLP.