EBay raises stake in Turkish auction site

Reuters News
Posted: Apr 12, 2011 9:37 AM

NEW YORK (Reuters) - EBay Inc will buy more shares in Turkish online auction site GittiGidiyor, going from a minority owner to holding 93 percent of shares.

EBay first invested in GittiGidiyor, which has 6.4 million users and employs 150 people, in 2007.

EBay said on Tuesday that it does not expect the transaction to affect the 2011 profit outlook it gave last month, and anticipates the deal will close in the second quarter of 2011, subject to regulatory approval.

EBay shares were down 34 cents, or 1 percent, in premarket trading on Nasdaq from a closing price of $31.19 on Monday.

(Reporting by Phil Wahba, editing by Gerald E. McCormick)