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eBay Inc. (NasdaqGS:EBAY) completed the acquisition of Depop Limited from Etsy, Inc. (NYSE:ETSY) for approximately $1.4 billion.
eBay Inc. (NasdaqGS:EBAY) entered into a Sale and Purchase Agreement to acquire Depop Limited from Etsy, Inc. (NYSE:ETSY) for approximately $1.2 billion on February 15, 2026. As part of the acquisition, eBay Inc. will acquire all of the outstanding equity interests of Depop Limited. The consideration of $1.2 billion will be paid in cash and is subject to certain purchase price adjustments. The transaction will be financed through cash on hand. Following the closing of the transaction, Depop is expected to retain its name, brand, platform, and complementary culture. In case of termination of transaction, eBay Inc. will pay a termination fee of $90 million to Etsy, Inc. The Purchase Agreement also provides that, upon certain termination events, eBay Inc. will be required to pay Etsy, Inc an additional termination fee of $70 million. For the period ended December 31, 2025, Depop Limited reported revenue of $1 billion.
The transaction is subject to the satisfaction of certain closing conditions and receipt of required regulatory approvals. The deal has been unanimously approved by the board of directors of eBay Inc. and Etsy, Inc. The transaction is currently expected to close in the second quarter of 2026. The proceeds from the sale will be utilized by Etsy, Inc. for general corporate purposes, continued share repurchases and investment in its core marketplace. As of April 29, 2026, the acquisition is now expected to close by the end of the third quarter of 2026, subject to the satisfaction of certain closing conditions and receipt of required regulatory approvals. eBay and Etsy have received regulatory clearances in the United States and Germany, and reviews are in progress in other markets, including the United Kingdom and Australia. As of June 8, 2026, The Competition and Markets Authority has launched a merger inquiry by notice to the Parties with a deadline of August 6, 2026 for its phase 1 decision. On July July 12, 2026, Second Amendment were made with respect to the transaction, where it resets the termination fee to $68 million payable by eBay Inc. if the Purchase Agreement is validly terminated after June 30, 2026, but on or before July 15, 2026, and $158 million if validly terminated after July 15, 2026. On July 15, 2026, the transaction has been approved by the Competition and Markets Authority of the United Kingdom. The transaction is now expected to close on July 30, 2026. Low -single -digit dilution to expected Y/Y non-GAAP earnings per share growth in FY’26 is expected from the transaction. On a consolidated basis, including synergies, we expect Depop to become accretive to non-GAAP operating income in 2028.
Ken S. Myers, Bomi Lee, Julia Arruda, Sandra Weustink, Gerald Audant, Jim Hauser, Ana Razmazma, William Skinner and Melissa Duffy of Fenwick & West LLP acted as legal advisor to Etsy, Inc. Ethan Klingsberg, Zheng (Jonathan) Zhou, Jeff Zhang, Heather Brookfield, Andrew Herman, Meghan Rismiller, Christine Wilson, Tom Morgan, Charles Ramsey, Marissa Yu, Mena Kaplan, Megan Kayo, Joe Soltis, Stephanie Brown Cripps, David Sewell and Nina Frant of Freshfields US LLP, David Mendel, Alex Potter, Gilles Pratt, May Smith, Claire Harrop, Rhys Evans and Andrew Austin of Freshfields LLP, and Helmut Bergmann of Freshfields LLP (Germany) acted as legal advisor to eBay Inc. Goldman Sachs & Co. LLC acted as financial advisor to eBay Inc. Lazard Freres & Co. LLC acted as financial advisor to Etsy, Inc. Michael A. Gleason and Koren W. Wong-Ervin of Jones Day acted as legal advisor to Etsy, Inc.
eBay Inc. (NasdaqGS:EBAY) completed the acquisition of Depop Limited from Etsy, Inc. (NYSE:ETSY) for approximately $1.4 billion on July 30, 2026. The consideration of approximately $1.4 billion in cash reflects the purchase price of $1.2 billion plus $200 million of net purchase price adjustments and interest.