Ebay to Sell KOP Unit For $925 Million

That's a loss of almost $1.5 billion.
By ·
Ken Wolter / Shutterstock.com

Ken Wolter / Shutterstock.com

Online retailer eBay has sold its King of Prussia unit (formerly called GSI Commerce) for $925 million — a deep discount considering the purchase price of $2.4 billion. That’s a loss of almost $1.5 billion.

Now called eBay Enterprise, it’s being bought by a group led by private-equity firm Permira. The company helps businesses sell goods online and bolster their e-commerce presence.

The eBay Enterprise unit has seen sluggish growth as many companies — like Toys R’ Us have moved their e-commerce businesses in-house.

The news came as part of an earnings call where eBay announced that revenues have grown by 7 percent in the last quarter. It’s the final earnings call in which eBay and PayPal are together as one company. The two business are set to split soon.

 

Read More About:

Trending

  1. Maybe It’s Just Time to Sink the SS United States

  2. We Tracked Down Kylie Kelce Shore Bully Andrée Goldberg

  3. Things to Do in Philadelphia This Weekend

  4. Little Walter’s Opens Tomorrow, Serving Up Polish Comforts

  5. Public Pools Where You Can Swim for Free in Philadelphia