eBay bags a bargain

Written by Jason Cundall

June 2, 2005 | 12:48

Companies: #ebay

Everyone's favourite online car boot sale got it's cheque book out and has bought out Shopping.com - a purchase that bags the digital flea market a comparison shopping system, and possibly signals a Froogle like service from them:

SAN FRANCISCO (Reuters)— Online auctioneer eBay Inc. said on Wednesday it agreed to buy Shopping.com, which provides online comparison shopping and consumer reviews, for about $620 million in cash.

The move by Ebay would strengthen its hand in being able to bring consumers online comparison shopping, something that Internet search engine Google Inc. has dabbled in with its Froogle service, along with other Internet companies.

San Jose, California-based Ebay said it agreed to buy Shopping.com for $21 per Shopping.com share in cash. Shopping.com's cash, cash equivalents and marketable securities as of May 31, 2005, were about $140 million, Ebay said.

More from eWeek here, and you can discuss eBay's purchase in our news discussion forum here.
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