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EBay in discussions with multiple parties for sale of classified business

Reuters
·1 min read
The German headquarters of eBay is pictured at Europarc Dreilinden business park south of Berlin in Kleinmachnow

(Reuters) - EBay Inc <EBAY.O> is in discussions with multiple candidates regarding a potential transaction for its classified-ads business, the company said on Friday.

The company expects to provide an update regarding the process by the middle of 2019, it said in a statement.

Earlier on Friday, the Wall Street Journal reported eBay is reaching out to potential buyers to sell its classified-ads business, which could be worth roughly $10 billion.

Activist shareholder Starboard had sent a letter to eBay's board, saying the company has not made enough progress in its plan to separate its classifieds business.

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In March 2019, the company announced a strategic review of the classifieds-ads business and its StubHub ticketing unit

Later, it agreed to sell StubHub to Viagogo Ltd for $4.05 billion.

(Reporting by Abhishek Manikandan in Bengaluru; Editing by Cynthia Osterman)