eBay has completed the previously announced sale of its ticket marketplace StubHub to Viagogo for $4.05 billion in cash, resulting in net proceeds of $3.1 billion.
eBay also said it was expanding its share buyback plans for 2020 from $1.5 billion to $4.5 billion.
eBay interim CEO Scott Schenkel said in a press release:
“The completed sale of StubHub to viagogo is a great outcome both in terms of the $4.05 billion sale price and the potential StubHub has with its new owner.
“The StubHub transaction reinforces our commitment to creating shareholder value and is consistent with other steps we have taken such as margin improvement, share buybacks and issuing dividends. We are operating with discipline and focus, improving financial performance and delivering improved customer experiences.
“On behalf of the eBay team, we’re excited to see how StubHub evolves in its next phase and benefits fans, partners and employees.”
You can find the full press release on the eBayInc.com website.