Etsy, Inc., which owns and operates the Etsy marketplace, one of the global destinations for unique and creative goods, recently announced that it has successfully completed the previously announced sale of Depop, a community-powered fashion resale marketplace, to eBay Inc., for approximately USD 1.4 billion in cash, reflecting the purchase price of USD 1.2 billion plus USD 200 million of net purchase price adjustments and interest. The net cash proceeds are further subject to certain post-closing adjustments. The transaction was finalized following the satisfaction of closing conditions including the receipt of required regulatory approvals.
With the divestiture complete, Etsy plans to utilize the proceeds from the transaction for general corporate purposes aligned with the capital allocation strategy outlined in its April 29th Shareholder Letter, which included plans to accelerate its share repurchase program.
“We are excited for what’s next for both Etsy and Depop,” said Kruti Patel Goyal, Chief Executive Officer of Etsy. “This transaction allows us to move forward with a clear focus on building the best marketplace for Etsy’s buyers and sellers, and is a strong outcome for our shareholders. We’re proud of what the Depop team has built – a truly differentiated brand with a passionate community – and we wish them continued success as part of eBay.”
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