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Thursday, June 02, 2005

EBay To Buy Shopping.com For $620 Million

EBay Inc. on Wednesday said it has agreed to buy comparison-shopping site Shopping.com for $620 million in cash, a move seen as an attempt to boost the auction giant's slowing growth.

If completed, the deal would give EBay sellers another channel for reaching consumers with their products.

Under the agreement, EBay would acquire all outstanding shares of Brisbane, Calif.-based, Shopping.com for $21 a share in cash. Shopping.com is one of the largest sites where consumers can go to compare products and prices among a variety of vendors.

The acquisition of Shopping.com will allow us to provide even more opportunities for our sellers," Bill Cobb, president of EBay, North America, said in a statement.

With Shopping.com, EBay looks to take advantage of consumer preference for comparison-shopping on the Internet.

Shopping.com's cash, cash equivalents and marketable securities were valued at $140 million, as of May 31. EBay expects the acquisition to be dilutive to its full-year 2005 earnings, based on generally accepted accounting principles.

See also: InternetWeek

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