April 10, 2017 / 9:14 AM / 2 years ago

BRIEF-eBay to invest $500 mln in Flipkart, sell eBay.in business

April 10 (Reuters) - eBay Inc:

* eBay and Flipkart sign exclusive agreement to jointly address the eCommerce market opportunity in India

* In exchange for an equity stake in Flipkart, eBay will make a $500 million cash investment in and sell its eBay.in business to Flipkart

* eBay does not expect this transaction to have a material impact on its guidance provided on January 25, 2017

* Flipkart will own and operate eBay.in business upon close of transaction

* Upon close of transaction, which is expected later this year, Flipkart will acquire eBay’s buyers in India

* eBay and Flipkart have also entered into an exclusive agreement in which they will jointly pursue cross-border trade opportunities

* eBay will remove number of active buyers in India from its reporting during quarter in which transaction closes Source text for Eikon: Further company coverage:

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