EBay to sell StubHub for $4.05 billion

Ebay will sell its ticketing unit StubHub in a $4.05 billion deal. The buyer - European ticket reseller Viagogo.

The companies announced the planned sale Monday.

The move comes after activist investors Elliott Management Corp and Starboard Value urged eBay back in January to sell its ticket sales business and eBay Classifieds.

Following the activist investors' request, eBay announced a review of its StubHub and eBay Classifieds businesses as part of an agreement to avert a proxy contest.

The deal is expected to close by the end of the first quarter of 2020.

Shares of eBay were up nearly 3% in early trade on Monday.

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