Online auction site eBay announced it has agreed to buy the ecommerce and interactive marketing firm GSI Commerce in a $2.4 billion deal. The acquisition was financed with cash, and debt and is expected to close in the third quarter of 2011.
As part of the deal, eBay will divest GSI’s sports merchandise business and 70 percent of ShopRunner and Rue La La. Those assets will be sold to a new holding company, led by GSI founder and chief executive Michael Rubin.
“Combined with eBay Marketplaces and PayPal, we believe GSI will enhance our position as the leading strategic global commerce partner of choice for retailers and brands of all sizes,” eBay said in a press release.
GSI Commerce clients include Adidas, Ralph Lauren, Mattel, QVC and others.