UK Watchdog Clears eBay's $1.2 Billion Acquisition of Depop from Etsy
Regulatory Approval and Deal Details
July 15 (Reuters) - Britain's competition regulator on Wednesday cleared eBay's planned takeover of fashion resale platform Depop, concluding an initial probe and removing a potential hurdle for the U.S.-based company in closing the deal.
Key Details of the Acquisition
Here are some details:
eBay's Announcement and Strategic Goals
• eBay announced in February that it would buy Depop from Etsy for about $1.2 billion, in hopes of expanding its appeal among younger shoppers and increase its presence in the growing resale fashion market
Regulatory Review Process
• Britain's Competition and Markets Authority began a formal review of the deal last month, during which interested parties were asked to provide views on the deal's impact on competition in the country
CMA's Decision and Investigation Phases
• The CMA said it decided not to refer the deal to an in-depth, so-called phase 2 probe; deadline for concluding the phase 1 investigation was August 6
Response from eBay
• eBay could not be immediately reached for comment outside business hours
Reporting Credits
(Reporting by Atharva Singh in Bengaluru; Editing by Mrigank Dhaniwala)
