After after announcing a strategic review with support from activist shareholders Elliott Management Corp. and Starboard Value LP earlier this year, eBay Inc. (EBAY) said Monday that it will sell StubHub to viagogo Entertainment Inc.
Sports, music and entertainment ticketing outfit viagogo is paying $4.05 billion for StubHub, which Ebay acquired for $310 million in 2007. The buyer is well acquainted with the business, as viagogo founder and CEO Eric Baker was a co-founder of StubHub. Baker left before the sale to eBay, however.
Shares of eBay gained 1.4% to $35.62 following the news.
Elliott and Starboard lobbied eBay to divest StubHub and its classifieds business in January. The parties announced a settlement in March. Among other steps, eBay undertook a review and gave board seats to Elliott’s Jesse Cohn and Matt Murphy, CEO of Marvell Technology Group Ltd., in which Starboard held shares at the time.
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