eBay announced its $2.4 billion acquisition GSI Commerce in March, and today the e-commerce giant has announced that the deal has been closed. In a release, eBay said that GSI’s stock holders approved the deal late last week, with the merger closing on June 17.
With more than 180 customers across 14 merchandise categories, GSI has long-term commerce services relationships with a wealth of retailers and brands. eBay says it expects GSI clients to benefit from eBay’s Marketplaces and PayPal services, particularly.
As we wrote last week, a lawsuit was filed in late March by an investor, claiming that the $2.4 billion offer at $29.95 per share was a “bargain price.” eBay and GSI subsequently settled the suit, with GSI Shareholders receiving GSI $0.33 a share (separate from the $29.25 per share payout), bringing the total acquisition and merger price to roughly $3 billion.
For eBay, GSI Commerce was its second largest acquisition ever. The company’s previous big dollar acquisitions include PayPal for $1.5 billion and Skype for $4.1 billion.
GSI Commerce will operate as a separate business unit led by Chris Saridakis as president. Saridakis will report to eBay CEO and President John Donahoe. eBay has also divested a number of GSI’s former properties, including 100 epercent of GSI’s sports merchandise business and 70 percent of both Rue La La and Shop Runner. These businesses will be part of a newly formed holding company led by GSI founder and former CEO Michael Rubin and will be completely separate from eBay and GSI.